ReCellular just got some more green to help expand operations. The cell phone re-use and recycling firm announced that Investor Growth Capital (IGC) is investing $15 million in Series A Preferred Stock financing.
“This investment marks a milestone in ReCellular’s history,” said ReCellular CEO Chuck Newman, via a statement. “It marks our transition from a successful start-up in the emerging field of cell phone recycling into the undisputed global leader in electronics sustainability.”
ReCellular said it has experienced explosive growth by capitalizing on two convergent trends: consumers’ growing awareness of environmental issues and the increasing sales of new handsets. As a result, ReCellular’s revenues have increased an average of 25% for the past 8 years. In 2008, the company is on track to process more than 6 million phones.
Among other initiatives, ReCellular plans to expand operations, open new office facilities, consolidate processing facilities and significantly increase the number of Michigan employees.