Zonzoo Group, an international leader in the recovery, refurbishment and reuse of used mobile phones, has closed a €1.5m convertible note financing round.
The round was led by Cleantech Invest AG ((ISIN: CH0034183175, Ticker Frankfurt: 4CT, Ticker Berne: CTI), with participation from existing investors StoneFund NV and OakInvest.
The company intends to use the capital to expand internationally and diversificate products.
Founded in 2001, Zonzoo Group has established extensive online sourcing and distribution capabilities. The company also acquires used mobile phones via physical collection points – working with partners like Vodafone, Media Markt and Tesco.
Zonzoo Group, which is led by CEO Colin Armstrong-Bell, operates globally, with corporate headquarters in Mitcham, UK, and operational headquarters in Munich, Germany.