February 16, 2011 source: ecoATM
Coinstar and Claremont Creek Ventures co-Lead Series A investment in ecoATM™
San Diego, Calif., February16, 2011 – ecoATM, the award-winning San Diego start-up known for its commitment to the environment and its innovative kiosks that buy-back and recycle consumer electronics, today announced it has closed the first round of its Series A preferred stock offering.
Coinstar, Inc. and Claremont Creek led the financing. In addition, other outstanding notes were converted to Series A. Silicon Valley Bank (SVB) will also provide a significant amount of venture debt to the company. The aggregate amount raised is $14.4 million. The funds will be used for commercialization and product launch.
Randy Hawks, Managing Director at Claremont Creek Ventures, and Gary Cohen, Senior Vice President, Marketing & Customer Experience at Redbox, a wholly-owned subsidiary of Coinstar, Inc., will join the ecoATM board of directors.
ecoATM Incentivizes Consumers to Recycle Electronic Devices
“ecoATM provides tons of value to the consumer by giving them cash for their digital clunkers and simultaneously managing the recycling in a very earth-friendly way,” said Randy Hawks, Managing Director of Claremont Creek Ventures. “They also have a smart business model. That’s why we invested.”
“Coinstar is a leading provider in automated retail solutions, and Claremont is a leader in clean-tech venture investing,” said Tom Tullie, Chairman and CEO, ecoATM. “It’s a perfect combination to have these two investors lead our Series A as we ramp into broader commercialization.”