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Brush off those dusty old electronics and broken phones sitting in a drawer. EcoATM has raised $17 million for its electronics recycling “ATM” kiosks, which give you money for handing over old phones, MP3 players, and even laptops.
“They’ve got a great business model, [with the] idea of having kiosks that are convenient for consumers. They are constantly updating their price estimates for devices, so you know you are getting the best pricing for your 18 month-old Android phone,” said Hawks during a phone call with VentureBeat. “They have a stellar management team and have a great way to monetize the value of old devices.”
“[There are] 50 units in the field now, and we plan to deploy nationwide. We will be buying kiosks to deploy and building our infrastructure of sales and marketing,” said Tullie about how the company will use the funding.
Read more at VentureBeat.com.