ecoATM, a San Diego, CA-based provider of automated systems for recycling consumer electronics, has raised its first institutional funding.
The round has been led by San Diego-based TAO Venture Partners, with participation from Coinstar founder Jens Molbak.
The funds will be used to finance the next phase of growth.
In conjunction with the financing, Molbak will join the company’s board of director.
ecoATM develops patent-pending, automated eCycling stations that electronically and visually inspects virtually any consumer electronic device, connects them with secondary market buyers and recyclers through pre-auction/auction systems, and administers trade-in promotions for retailers and manufacturers.