eRecycling Group announced it has secured $105 million in series C funding from Silver Lake Kraftwerk, which joined the current investors Kleiner Perkins Caufield & Byers, OpenAir Equity Partners, SJF Ventures, NGEN Partners, RRE Ventures and TAP Advisors.
Silver Lake Kraftwerk, the latest one to join the funding, is a global leader in technology investing focused on energy and resource innovation. The company invests in companies that leverage technology and business model innovation in the energy and resource industries
The investment will provide growth capital to support potential acquisitions, geographic expansion and new, innovative products and services for its customers. It will extend the reach of eRC’s demonstrated ability to drive economic, social and environmental benefits for all of its partners, the company said.
“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,” eRC CEO David Edmondson said.
“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,” Edmondson added.
eRC’s business model is based on capturing, restoring and monetizing the value of used mobile devices. As a venture-backed enterprise, eRC received original funding from Kleiner Perkins Caufield & Byers, OpenAir Equity Partners, SJF Ventures, NGEN Partners, RRE Ventures and TAP Advisors.
“When analyzing a potential investment, we select technology companies that clearly demonstrate a proven, established business model and market leadership,” Silver Lake Kraftwerk managing director Josh Raffaelli said.
“eRecyclingCorps created an entirely new industry in the mobile device trade-in market, and to date they have taken in 17 million phones, outpacing the competition by a wide margin. We are excited to participate in the company’s expansion,” Raffaelli added.
KPCB, an early investor in eRG, has backed entrepreneurs in more than 500 ventures, generating more than 350,000 jobs worldwide.
Via their Green Growth Fund, Michael Linse and Maritza Liaw of KPCB made their initial investment in eRC inDecember 2011. This fund invests in a variety of technology sectors, looking for fast-growing companies with innovative solutions to promote a more sustainable world.