The company behind the consumer electronics recycling kiosk ecoATM announced that it secured $40 million in mezzanine debt financing from Falcon Investment Advisors LLC. The new capital has already allowed ecoATM to add to its kiosks the ability to accept tablets, in addition to mobile phones and MP3 players.
Currently, most ecoATMs are located in large shopping malls in major cities. The new financing will help ecoATM reach smaller cities and other types of high foot-traffic areas, the company said in the announcement.
"We're excited to be a part of ecoATM's growth," said Rafael Fogel, partner at Falcon Investment Advisors. "It is not often that an opportunity comes along that combines such a compelling investment thesis with an invitation to consumers to help heal our planet."
"In 2012, we grew from 45 ecoATMs primarily in California to a network of 300 ecoATMs in 20 states," said Tom Tullie, chairman and CEO of ecoATM. "There's still a large percentage of the country that doesn't have access to a convenient recycling solution for their mobile phones and other personal portable electronic devices. We raised this money to help us deploy ecoATMs nationwide and help people recycle their old phones, tablets or MP3 players, regardless of where they live."
Read more about kiosks in retail locations.