ReCellular rings up $15 million in funding
ReCellular has raised $15 million from Investor Growth Capital. The Dexter, Mich.-based cell phone-recycling service aims to open new offices, hire more people, and expand collection facilities.
ReCellular is among a handful of services that pays people for sending in retired cell phones and PDAs.
Competitor Gazelle of Waltham, Mass., formerly called Second Rotation, in July relaunched its Web service. Other growing services for buying back used electronics include TechForward of Los Angeles and BuyMyTronics of Denver.
By the end of the year, ReCellular aims to collect more than 6 million phones, distributing some for reuse among 40 countries while recycling broken ones for scrap.
"Our goal was to develop a profitable company that was socially and environmentally responsible," Chuck Newman, ReCellular CEO, said in a statement last Thursday.
Industry partners of the 17-year-old firm include Motorola, Spring, and Verizon Wireless.
