The cell phone recycling company eRecyclingCorps (ERC) has raised $35 million in fundraising led by the venture capital firm Kleiner Perkins Caufield & Byers, Menlo Park, Calif.
ERC launched in 2009 with original investments from OpenAir Equity Partners and SJF Ventures to help carriers and subscribers recapture a growing portion of the residual value of wireless devices no longer used by subscribers.
ERC CEO David Edmondson, former CEO of RadioShack, and Ron LeMay, former CEO of Sprint PCS and current managing director of OpenAir Equity Partners, founded the company.
“The success of eRecyclingCorps among major carriers to date can be attributed to an executive team that knows the wireless and retail industries inside and out,” says Michael Linse, a partner with Kleiner Perkins Caufield & Byers. “ERC’s leadership team and the track record of their business has made them the clear leader in this fast-growing industry.”
Edmondson says, “Kleiner Perkins has an impeccable track record for recognizing companies that provide transformational solutions. Their investment and support validates the real market opportunity for wireless carriers to reclaim subsidies, improve customer retention and significantly reduce their downstream e-waste. As eRecycling Corps expands to reach more carriers and retailers around the world, Kleiner Perkins’ global connections provide access to the strategic decision makers needed to realize our vision.”