Teqcycle Solutions, a Munich, Germany-based provider of mobile device trade-in and reuse solutions, received an investment of undisclosed amount.
The transaction, which is subject to approval by antitrust authorities, was led by T-Venture, with participation from Barkawi Group, the majority shareholder of Teqcycle, and the management.
The company intends to use the funds to roll-out the business and increase public awareness for trade-in opportunities for used mobile phones.
Founded in January 2013 as a spin-off of Teqport Services and led by Sebastian Neubeck, Managing Director, Teqcycle Solutions provides a certified, multi-step take back and reuse program.
Its “Shop-Take-Back-Solution” offers retail partners and their customers an app-based or web-based solution which calculates the trade-in value of a mobile phone. The calculated trade-in value is directly subtracted from the price of an item bought at the retailer. It also offers the Business-Phone-Take-Back-Solution for corporations, whose process includes data deletion, and public collections.
Deutsche Telekom is one of the major partners with other customers including retailers, large corporations and government bodies.
Teqcycle is a DEKRA certified waste management company.