EcoATM to Use $75M for Global Expansion

Smartphone trade-in specialist ecoATM Gazelle raised $75 million in “new growth equity” from existing investor Cowen Sustainable Advisors to speed its global expansion and support its “product extensions,” said the company Monday. It will use the funds to build and deploy thousands of “automated retail fulfillment kiosks” across the U.S., Europe and Asia and support new market launches “with increased multi-channel marketing campaigns and operational investments,” it said. The company has collected 28 million used smartphones, “indicative of the growing and critical demand for technology recycling,” it said.