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Gazelle, a company that buys and resells used consumer electronics, announced Wednesday that it has raised a third round of funding for $12 million. The new funding, bringing its total to about $22 million, will be used to grow the business to meet consumer demand, build pricing models and strengthen retail partnerships, according to the company’s announcement.

The company buys used consumer electronics, such as phones, GPS units, laptops, game consoles, and camcorders from consumers and then resells them for a slightly higher price on sites like eBay. While consumers could sell their own used electronics, the process can be time-consuming and a sale is never a guarantee. Gazelle looks to become the middleman in the process and offer a price for the used electronics based on tracking used electronics’ market value. To make the process even easier, the company sends the consumer a shipping box and label to submit the electronic device.

The company’s retail partnerships are especially interesting, including a recent deal with Sears where consumers can bring in their used electronics and receive a Sears gift card for the total amount of the gadget, according to Xconomy. Additional retail partners include Walmart.com, Sears, Kmart, Office Depot, and Costco.

Disappointingly, my old LG Vu phone was only going for about $26 with Gazelle (pictured above), while on eBay the phone appears to be going for around $50. For the hands-off consumer strapped for time, Gazelle may be the route to take, but if one has the time and energy — and values it at less than the cut Gazelle charges — one might generate a higher price for their old electronics.

The Boston-based company, founded in 2008, previously secured a second round of funding for $6 million from RockPort Capital. RockPort also participated in this round, led by Physic Ventures and with Venrock Associates participating.

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