ecoATM raises $14.4 million Series A, Claremont Creek’s Randy Hawks joins board

February 16, 2011  source: ecoATM

Coinstar and Claremont Creek Ventures co-Lead Series A investment in ecoATM™

ecoATM logoSan 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

According to the Consumer Electronics Association, U.S. consumers collectively buy about 500 million new electronic gadgets each year. Upgrade cycles grow shorter as gadget manufacturers tempt consumers with new features. The average U.S. household now owns 26 different consumer electronic devices for a staggering total of nearly 3 billion devices, many of which are no longer in use. The majority of these devices are still in good working condition when consumers upgrade. Unfortunately, few practical options exist for consumers to responsibly resell or recycle these devices so the vast majority of them still enter our landfills as toxic eWaste, the fastest growing segment of our national waste stream. To solve this technology problem, ecoATM turned to technology itself and developed the ultimate solution to this vexing problem by providing convenience, immediate financial incentive, and personal data removal for consumers. ecoATM trial locations have already collected tens of thousands of devices over the past year and paid out hundreds of thousands of dollars in return for recycling.
Randy Hawks“ecoATM provides tons of value to the consumer by giving them cash for their digital clunkers and simultaneously managing the 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.”
“ecoATM is an innovative automated retail concept that we believe will resonate with today’s environmentally minded consumers,” said Gregg Kaplan, President and Chief Operating Officer of Coinstar, Inc. “We invested in ecoATM because we believe they have a viable and promising business and we are committed to fostering in automated retail.”
“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.”
Get the full press release at: ecoATM website

 

Reader Interactions

Comments

  1. There was a lot of interest in this story. See some of the press coverage below:

    ecoATMs Gobble Up Your Gadgets 

    Green Chip Stocks – Angela Guss – ‎4 hours ago‎
    Recently, ecoATM received $14.4 million in a Series A preferred stock offering, led by Coinstar, Inc. and the venture capital firm Claremont Creek Ventures to further the launch and commercialization of the kiosks. “ecoATMprovides tons of value to the 

    ecoATM Raises $14.4M for eCycling Kiosks 

    Reuters – Katie Fehrenbacher – ‎Feb 16, 2011‎
     on Wednesday, ecoATM announced it has raised a Series A round of $14.4 million in funding from kiosk giant Coinstar, Oakland, Calif.-based venture capital firm Claremont Creek Ventures, and venture debt from Silicon Valley Bank (SVB). 
    ecoATM raises venture capital San Diego Union Tribune
    ecoATM Gets $14.4 Million for Electronics Recycling Kiosks Digital Media Wire

    Your Old Device Is Worth Cash (CSTR, SIVB) 

    Benzinga – ‎Feb 23, 2011‎
    The first round of funding for EcoATM raised the company $14.4 million, with Coinstar, Claremont Creek, and Silicon Valley Bank leading the round. EcoATM has also received a grant from the National Science Foundation. The EcoATM kiosks will scan a 

    EcoATM Lands $14M in Funding for E-Waste Kiosks 

    GreenBiz.com – Jonathan Bardelline – ‎Feb 22, 2011‎
    Coinstar, which has a wide reach into supermarkets with its coin-counting machines and Redbox DVD rental kiosks, and Claremont Creek Ventures led a $14.4 million round of Series A preferred stock offering. The funds will go toward commercialization and 

    Dump Out Your Junk Drawer: EcoATM to Expand Electronics Recycling Kiosks 

    Fast Company – Ariel Schwartz – ‎Feb 16, 2011‎
    EcoATM, a company that makes electronics recycling kiosks, wants to change that. And now the startup has received $14.4 million in a Series A funding round led by Coinstar and Claremont CreekVentures to bring its kiosks to a gas station or supermarket 

    The Active Network Files for IPO, EcoATM Banks $14M, Qualcomm Issues Augmented 

    Xconomy – Bruce V. Bigelow – ‎Feb 22, 2011‎
    —San Diego-based EcoATM, a startup developing automated kiosks for recycling cell phones and other electronics, raised $14.4 million in a Series A round of financing led by Coinstar (NASDAQ: CSTR) and Claremont Creek Ventures. 

    An ATM to buy your old iPhone 

    SmartPlanet.com (blog) – Melissa Mahony – ‎Feb 18, 2011‎
    It announced this week raising $14.4 million through Claremont Creek Ventures, a venture capital firm specializing in IT tech, and Coinstar, the operator of almost 19000 change-to-cash machines nationwide. The funds will help commercialize and launch 

    MIxed Greens: VCs invest in Recycling; Areva Gets CEO; Cheap Microbes for  

    Greentech Media (blog) – ‎Feb 16, 2011‎
    A startup called ecoATM that gives consumers cash for their old electronics today said it raised $14.4 million in a first round from Claremont Creek Ventures and Coinstar. LIke Coinstar, ecoATMsets up self-guided kiosks that lets people exchange old 

    Funding roundup – week ending 02/18/11 

    VatorNews – Ronny Kerr – ‎Feb 18, 2011‎
    ecoATM, creator of automated eCycling Stations that offer people money for their old phone or other devices, raised a $14.4 million Series A round led by Coinstar and Claremont Creek Ventures. Music Mastermind, a company that wants to lower the 


Reader Interactions

Comments

  1. There was a lot of interest in this story. See some of the press coverage below:

    ecoATMs Gobble Up Your Gadgets 

    Green Chip Stocks – Angela Guss – ‎4 hours ago‎
    Recently, ecoATM received $14.4 million in a Series A preferred stock offering, led by Coinstar, Inc. and the venture capital firm Claremont Creek Ventures to further the launch and commercialization of the kiosks. “ecoATMprovides tons of value to the 

    ecoATM Raises $14.4M for eCycling Kiosks 

    Reuters – Katie Fehrenbacher – ‎Feb 16, 2011‎
     on Wednesday, ecoATM announced it has raised a Series A round of $14.4 million in funding from kiosk giant Coinstar, Oakland, Calif.-based venture capital firm Claremont Creek Ventures, and venture debt from Silicon Valley Bank (SVB). 
    ecoATM raises venture capital San Diego Union Tribune
    ecoATM Gets $14.4 Million for Electronics Recycling Kiosks Digital Media Wire

    Your Old Device Is Worth Cash (CSTR, SIVB) 

    Benzinga – ‎Feb 23, 2011‎
    The first round of funding for EcoATM raised the company $14.4 million, with Coinstar, Claremont Creek, and Silicon Valley Bank leading the round. EcoATM has also received a grant from the National Science Foundation. The EcoATM kiosks will scan a 

    EcoATM Lands $14M in Funding for E-Waste Kiosks 

    GreenBiz.com – Jonathan Bardelline – ‎Feb 22, 2011‎
    Coinstar, which has a wide reach into supermarkets with its coin-counting machines and Redbox DVD rental kiosks, and Claremont Creek Ventures led a $14.4 million round of Series A preferred stock offering. The funds will go toward commercialization and 

    Dump Out Your Junk Drawer: EcoATM to Expand Electronics Recycling Kiosks 

    Fast Company – Ariel Schwartz – ‎Feb 16, 2011‎
    EcoATM, a company that makes electronics recycling kiosks, wants to change that. And now the startup has received $14.4 million in a Series A funding round led by Coinstar and Claremont CreekVentures to bring its kiosks to a gas station or supermarket 

    The Active Network Files for IPO, EcoATM Banks $14M, Qualcomm Issues Augmented 

    Xconomy – Bruce V. Bigelow – ‎Feb 22, 2011‎
    —San Diego-based EcoATM, a startup developing automated kiosks for recycling cell phones and other electronics, raised $14.4 million in a Series A round of financing led by Coinstar (NASDAQ: CSTR) and Claremont Creek Ventures. 

    An ATM to buy your old iPhone 

    SmartPlanet.com (blog) – Melissa Mahony – ‎Feb 18, 2011‎
    It announced this week raising $14.4 million through Claremont Creek Ventures, a venture capital firm specializing in IT tech, and Coinstar, the operator of almost 19000 change-to-cash machines nationwide. The funds will help commercialize and launch 

    MIxed Greens: VCs invest in Recycling; Areva Gets CEO; Cheap Microbes for  

    Greentech Media (blog) – ‎Feb 16, 2011‎
    A startup called ecoATM that gives consumers cash for their old electronics today said it raised $14.4 million in a first round from Claremont Creek Ventures and Coinstar. LIke Coinstar, ecoATMsets up self-guided kiosks that lets people exchange old 

    Funding roundup – week ending 02/18/11 

    VatorNews – Ronny Kerr – ‎Feb 18, 2011‎
    ecoATM, creator of automated eCycling Stations that offer people money for their old phone or other devices, raised a $14.4 million Series A round led by Coinstar and Claremont Creek Ventures. Music Mastermind, a company that wants to lower the