ImpactAlpha, June 17 — A record 53.6 million metric tons of electronic waste was generated worldwide in 2019.
San Diego-based EcoATM is building a global network of 4,800 eco-friendly automated kiosks, across the U.S. and Europe, that pay consumers on the spot for their used smartphones, which it resells or recycles for parts.
EcoATM says it has kept more than 28 million devices out of landfills since 2009.
The company has received a $75 million equity investment from Cowen Sustainable Investments to set up thousands of kiosks in the U.S., Europe and Asia.
EcoATM’s majority owners are fund-managed affiliates of private-equity giant Apollo Global Management, which in 2019 launched its first impact fund (see, “For private equity giants, $1 billion is table stakes for entry into impact investing”).