Mobile recyclers ReCellular land $15m
When it comes to attracting the eyes (and the bursting-at-the-seams) wallets of the private equity merchants, it seems creativity doesn’t go amiss. Alas, the moneymen have failed to see the potential in Greenbang’s potential to recycle the Stella-and-kebab flavoured vomit that collects around the streets of south London as a cheap and plentiful biofuel. She’s pretty sure there’s the necessary conversion technology knocking around the Tardis, she’s just got to get her hands on it. Yet, despite this very much out of the box thinking, no one is willing to hand over the readies.
Other ideas, while not mould breaking, are simple, classic and very much VC-pleasing. Case in point: ReCellular.
Its a mobile phone recycling outfit. Nothing new in that, maybe, but they’re obviously doing a cracking job as they’ve just landed $15m in private equity money from Investor Growth Captial and are on track to recycle six million mobiles this year.
Here’s what they’re planning to do with the cash injection:
ReCellular plans to capitalise on this opportunity to expand the reach and impact of the company. Among other initiatives, ReCellular plans to:
- Expand operations, opening new office facilities, consolidating processing facilities, and significantly increasing the number of Michigan employees
- Rapidly increase phone collections, focusing on direct-to-consumer and trade-in partnerships, and building consumer awareness of the benefits of cell phone recycling
- Evaluate strategic acquisitions of other electronics recycling businesses that could complement ReCellular’s expertise and operations
