ecoATM, a San Diego, CA-based start-up that provides innovative kiosks that automate the buy-back of used consumer electronics, secured $40m in mezzanine debt financing from Falcon Investment Advisors.
Founded in 2008 and led by Tom Tullie, chairman and CEO, and Bob Genthert, CFO, ecoATM has developed an automated self-serve kiosk system to buy back old phones, tablets or MP3 players for cash, which uses patented, advanced machine vision, electronic diagnostics, and artificial intelligence to evaluate electronics. Currently, most of its 300 kiosks are located in large shopping malls located in large cities.
The company, which already used a portion of the new capital to add to its kiosks the ability to accept tablets, in addition to cell phones and MP3 players, now intends to expand its reach in smaller cities and other types of high foot traffic areas.
Previous investors in ecoATM include Claremont Creek Ventures and Coinstar, Inc.