The Interview
global distribution channels for high quality devices. We have also more than doubled the size of our workforce in the past year.
You recently secured $105m in funding; what more can you tell us about this?
In October, eRecycling Group Inc., the parent company of E-Recycling, LLC (eRC), announced a $105 million Series C financing. Kleiner Perkins Caufield & Byers (KPCB) led the group of inside investors who were joined by Silver Lake Kraftwerk, a global leader in technology investing focused on energy and resource innovation.
This commitment of additional funding from our current investors is one of the largest financial commitments in a trade-in company and a validation of our business model and strategy. The addition of Silver Lake Kraftwerk, a global technology brand, to our investment group is a powerful endorsement and solidifies our position as the market leader in this category.
What does this mean for the company and what are your plans for the funding?
This new funding will allow us to continue to grow our business in terms of both improved productivity with existing accounts, and through geographic expansion with new
carrier and distribution partners. We continue to approach the business very strategically. This commitment will provide growth capital to support potential acquisitions, geographic expansion and new, innovative products and services for our customers, as well as continuing to allow us to extend the economic, environmental and social benefits to our partners, consumers and the communities we serve.
What lies ahead for eRecycling Group in the New Year?
We see exciting opportunities in 2014, largely due to the ever-expanding demand for wireless devices. The continued expansion of the wireless infrastructure around the world is driving demand for affordable wireless devices everywhere. Demand for these devices, especially for individuals with limited economic means and in developing countries with emerging wireless infrastructures, is estimated to rise from 53 million today to 275 million in the next five years. It is also estimated that one billion devices will be retired this year alone. Some will end up in landfills, most will be left sitting in a drawer, losing residual value. And, because most are not recycled, new devices must be manufactured, using additional natural resources.
We have already collected more than 17 million phones since our launch in 2009, both on our
own and through joint venture partnerships. Based on the demand for used devices and the number being retired each year, we know there is an unmet need to help move millions of phones into the hands of those who need them most.
Our approach delivers economic, environmental and social benefits to the partners, consumers and communities we serve, and we see this only expanding in the next year.
Is there anything else you would like to add?
We have a lot of exciting projects in the pipeline and look forward to more news in early 2014. Stay tuned!
Contact: eRecycling Group Inc
909 Hidden Ridge Suite 500 Irving, TX 75038-3822
Tel: (972) 573-0300 Toll Free (877) 787-9202 Web:
www.erecyclingcorps.com
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