Apkudo, a startup that offers phone refurbishment services to companies like T-Mobile, said it raised $37.5 million in a Series C round of venture funding. #pressrelease

February 16, 2023

3 Min Read

BALTIMORE – Apkudo, the leader in supply chain automation for connected devices, announced today that they have closed $37.5 million in Series C funding in an oversubscribed round co-led by Closed Loop Partners' Leadership Fund and Piper Sandler Merchant Banking with the participation from new and existing investors including MissionOG, Harbert Growth, Grotech Ventures, Lavrock Ventures, and Point Field Partners. During 2022, Apkudo continued its rapid growth and doubled revenue as industry players increasingly looked for ways to simplify and optimize their forward and reverse logistics for connected devices like mobile phones, tablets, laptops, wearables and other products. The company will use the funds to further expand their commercial and technical operations, as well as their international presence.

The Apkudo Circular Industry Platform solves for complexities in the connected device supply chain, delivering process efficiencies via a single operating system that manages the lifecycle of these devices, from launch to end of life. Already, Apkudo has connected and optimized the device supply chains for some of the world's largest manufacturers, network operators, insurers, retailers, logistics providers, repairers and traders. Customers like FedEx, T-Mobile and Asurion have more transparency, security and connectivity across the supply chain for connected devices.

The Platform leverages both hardware and software technology purpose-built to maximize value from resale, repair and reuse while eliminating e-waste and improving profit margin and agility. Instead of relying on extensive labor, disconnected systems and limited reuse options, Apkudo provides a fully integrated diagnostic, dispositioning and marketplace solution that gives customers real-time visibility into global demand for their used devices. This comprehensive solution has saved a large mobile carrier over $100 million by improving inventory visibility and, for a global logistics company, reduced warehouse processing times by 30%.

More than six billion mobile phones alone are currently circulating and this number is expected to grow rapidly with increasing connectivity and consumption across the globe. These electronic devices are made of valuable resources, from the rare earth metals contained in their batteries to their individual electronic components. Yet today, less than 20% of electronics are collected, refurbished or recycled worldwide, which translates to a lost value of more than $50 billion each year. Furthermore, these devices contain several hazardous materials and when not managed properly at end-of-life, pollute air and groundwater at an alarming rate. Apkudo's technology creates greater transparency and resiliency across the electronic device value chain, empowering businesses to make smart decisions regarding their devices, from launch, to forward logistics, to return, reuse and recycling at a device's end-of-life.

"Velocity, accuracy, and transparency are required attributes of efficient, effective circular supply chains," said Josh Matthews, CEO and Co-founder of Apkudo. "The Apkudo Circular Industry Platform is transformative in its approach to connecting industry participants and optimizing these outcomes for each and every device that moves through it."

"There is so much value within the connected devices already in the market today. Increasing their useful life and keeping these valuable materials in circulation, and out of landfills and the environment, is a critical part of accelerating the circular economy," said Martin Aares, Head of Asset Management at Closed Loop Partners. "Apkudo is helping build a circular future for connected devices––one that is more transparent and agile. We look forward to working with the Apkudo team as they accelerate the systems change needed for a waste-free future."

"It's actually a simple question – what should I do with this device, right now?", added Seth Harward, managing director, Piper Sandler Merchant Banking. "But it took Apkudo to recognize all the pieces needed to answer that question, then build the solution that customers needed, and then finally make it easy for companies to use. This additional investment will help Apkudo get their solution to companies all over the world looking for a better way."

Read the press release here.

Apkudo

Subscribe and receive the latest news from the industry.
Join 62,000+ members. Yes it's completely free.

You May Also Like