ReCellular rings up $15 million in funding

Michigan-based handset-recycling service plans to use the Series A round to expand operations and collections of retired cell phones. Partners include Motorola and Verizon.

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.

 

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