ReCellular, cell-phone recycling
firm, announced today that Investor
Growth Capital is investing $15 million in a Series A Preferred Stock
financing. The investment adds a growing clean-tech company to
portfolio, and will enable ReCellular to handsets.
ReCellular's revenues have increased an average of 25 percent for the past
eight years. Today, the company is the leading collector, recycler and
refurbisher of cell phones in the world. In 2008, the company is on track to process
more than 6 million phones - equal to the combined population of
Dakota
Island
With an estimated 3.3 billion cell-phone users worldwide, and 130 million
phones retired in the U.S. every year, there isan opportunity for significant growth in the
global cell-phone reuse and recycling market.
"We processed almost 5,000 phones in our first year of business," says
Newman. "Today, we get an average of 24,000 phones - enough to fill seven mail
trucks - every day, five days a week. With the support and resources of
we see the potential to double the number of mail trucks delivering to
ReCellular in the very near future."