SAN DIEGO, June 14, 2021 /PRNewswire/ -- Global smartphone and mobile device re-commerce leader ecoATM Gazelle ("ecoATM" or the "Company") has raised $75 million of new growth equity from existing investor Cowen Sustainable Advisors ("CSI") to accelerate the Company's global expansion and support product extensions to meet fast-growing demand for the purchase and re-sale of used smartphones. The Company is majority-owned by funds managed by affiliates of Apollo Global Management, Inc. ("Apollo").
"Our double-digit growth and strong financial performance are driven by consumers who are making meaningful contributions to environmental sustainability and social good. Our customers power the re-use economy by accessing ecoATM's leading footprint to trade in their smartphones as well as purchase high-quality used smartphones. This is not only more sustainable, but it also helps to bridge the massive digital divide, enabling us to bring affordable smartphones and internet access to people around the world," said Dave Maquera, CEO, ecoATM.
The investment will be used to:
- Build and deploy thousands of automated retail fulfillment kiosks across the US, Europe and Asia
- Accelerate deployment of AI-enabled omni-channel mobile, web, and fintech retail product extensions to continue delivering customer convenience, environmental sustainability, and social impact
- Support new market launches with increased multi-channel marketing campaigns and operational investments
CSI provides tailored financing and data analytics solutions to companies that are accelerating the world's transition to an environmentally sustainable economy by addressing pollution, waste, and resource constraints.
Invested in ecoATM since 2016, Apollo is a leading global alternative asset manager with more than $460 billion in AUM. In 2020, the firm launched a dedicated impact investing platform, which targets companies like ecoATM that are making a positive impact in society.
"Sustainability and energy transition are areas we focus on when it comes to investments. At Cowen, we draw from our in-depth research and thought leadership across the firm as we explore sustainability and its impact on the business and social landscape. A partnership and investment opportunity with ecoATM allows us to back the leader in automated smartphone re-commerce. We look forward to seeing the success and growth that stems from this investment as well as a long-term partnership," said Ewa Kozicz, Co-Head of Cowen Sustainable Investments.
Apollo Partner and ecoATM Board Member Reed Rayman said, "We are immensely proud of the measurable social and environmental impact that ecoATM has had since our initial investment in 2016, and are excited by the acceleration of that impact in partnership with CSI. EcoATM is a perfect example of how Apollo can seek to drive impact along with financial returns."
In June 2021, ecoATM reached 28 million smartphone and mobile device re-commerce units, indicative of the growing and critical demand for technology recycling. To learn more about ecoATM's business model and how you can safely recycle your electronic device, visit: http://www.ecoatm.com.
SOURCE ecoATM Gazelle