Don't throw away that used mobile phone just yet -- chances are ReCellular, a Dexter, Mich.-based phone recycling firm, can help find it a new home. One of the world's leading cell phone recyclers, it has just raised $15 million in first round funding from Investor Growth Capital.
ReCellular plans on using the proceeds to ramp up its revenue growth, which, at an 8-year average of 25 percent, is already nothing to sneeze at, and to expand its successful operations. According to its internal estimates, the company is on track to take in over 6 million phones. It has formed strategic partnerships with some of the industry's major players, including Verizon Wireless, Sprint and Motorola.
Customers can either purchase, sell or donate their used cell phones -- everything from simple flip phones to Blackberrys and PDAs -- on the site. They can also buy various accessories, including batteries, chargers and component parts. The phones on offer range in functionality and price; some are meant to be sold in bulk to wholesale suppliers while others are aimed at individual users.
Like other self-purported "Ownership 2.0" firms, such as Gazelle, TechForward and Flipswap, which also sells re-used phones, the company's products and services are aimed primarily at a younger, tech savvy audience that likes upgrading to the latest technology without incurring the associated environmental costs.