The Apkudo Circular Industry Platform enables
supply chain efficiency and transparency across the lifecycle of
connected devices, supporting smart decision making and
strengthening repair, resale and recycling markets
BALTIMORE, Feb. 15,
2023 /PRNewswire/ -- Apkudo, the leader in supply
chain automation for connected devices, announced today that they
have closed $37.5 million in Series C
funding in an oversubscribed round co-led by Closed Loop Partners'
Leadership Fund and Piper Sandler Merchant Banking with the
participation from new and existing investors including MissionOG,
Harbert Growth, Grotech Ventures, Lavrock Ventures, and Point Field
Partners. During 2022, Apkudo continued its rapid growth and
doubled revenue as industry players increasingly looked for ways to
simplify and optimize their forward and reverse logistics for
connected devices like mobile phones, tablets, laptops, wearables
and other products. The company will use the funds to further
expand their commercial and technical operations, as well as their
Apkudo Secures Oversubscribed Series C After Doubling Revenue In
The Apkudo Circular Industry Platform solves for complexities in
the connected device supply chain, delivering process efficiencies
via a single operating system that manages the lifecycle of these
devices, from launch to end of life. Already, Apkudo has connected
and optimized the device supply chains for some of the world's
largest manufacturers, network operators, insurers, retailers,
logistics providers, repairers and traders. Customers like FedEx,
T-Mobile and Asurion have more transparency, security and
connectivity across the supply chain for connected devices.
The Platform leverages both hardware and software technology
purpose-built to maximize value from resale, repair and reuse while
eliminating e-waste and improving profit margin and agility.
Instead of relying on extensive labor, disconnected systems and
limited reuse options, Apkudo provides a fully integrated
diagnostic, dispositioning and marketplace solution that gives
customers real-time visibility into global demand for their used
devices. This comprehensive solution has saved a large mobile
carrier over $100 million by
improving inventory visibility and, for a global logistics company,
reduced warehouse processing times by 30%.
More than six billion mobile phones alone are currently
circulating and this number is expected to grow rapidly with
increasing connectivity and consumption across the globe. These
electronic devices are made of valuable resources, from the rare
earth metals contained in their batteries to their individual
electronic components. Yet today, less than 20% of electronics are
collected, refurbished or recycled worldwide, which translates to a
lost value of more than $50 billion
each year. Furthermore, these devices contain several hazardous
materials and when not managed properly at end-of-life, pollute air
and groundwater at an alarming rate. Apkudo's technology
creates greater transparency and resiliency across the electronic
device value chain, empowering businesses to make smart decisions
regarding their devices, from launch, to forward logistics, to
return, reuse and recycling at a device's end-of-life.
"Velocity, accuracy, and transparency are required attributes of
efficient, effective circular supply chains," said Josh Matthews, CEO and Co-founder of Apkudo.
"The Apkudo Circular Industry Platform is transformative in its
approach to connecting industry participants and optimizing these
outcomes for each and every device that moves through it."
"There is so much value within the connected devices already in
the market today. Increasing their useful life and keeping these
valuable materials in circulation, and out of landfills and the
environment, is a critical part of accelerating the circular
economy," said Martin Aares, Head of Asset Management at
Closed Loop Partners. "Apkudo is helping build a circular future
for connected devices––one that is more transparent and agile. We
look forward to working with the Apkudo team as they accelerate the
systems change needed for a waste-free future."
"It's actually a simple question – what should I do with this
device, right now?", added Seth
Harward, managing director, Piper Sandler Merchant Banking.
"But it took Apkudo to recognize all the pieces needed to answer
that question, then build the solution that customers needed, and
then finally make it easy for companies to use. This additional
investment will help Apkudo get their solution to companies all
over the world looking for a better way."
To learn more, please visit www.apkudo.com. For media inquiries,
please contact firstname.lastname@example.org.
Headquartered in Baltimore, MD
with offices around the world, Apkudo helps companies managing
connected devices to maximize device value, minimize labor costs
and reduce e-waste. Apkudo's Circular Industry Platform provides a
full suite of decision-support and operating tools: automated
testing and grading systems, device lifecycle management and resale
market integration. As a result, Apkudo customers always have the
answer to the question, "What should I do with this device, right
About Closed Loop Partners
Closed Loop Partners is at the forefront of building the
circular economy. The company is comprised of three key business
segments: an investment firm, innovation center and operating
group. The investment firm invests in venture, growth equity,
buyout and catalytic private credit strategies on behalf of global
institutions, corporations and family offices. The innovation
center, the Center for the Circular Economy, unites competitors and
partners to tackle complex material challenges and implement
systemic change to advance circularity. The operating group,
Circular Services, has twelve recycling facilities in operation
today, and provides holistic, circular materials management to
close the loop on valuable materials for municipalities and
businesses throughout the United States.
Closed Loop Partners is based in New
York City and is a registered B Corp. For more information,
please visit www.closedlooppartners.com.
About Piper Sandler Merchant Banking
Piper Sandler Merchant Banking (PSMB) is the growth equity
investment arm of Piper Sandler Companies (NYSE: PIPR). Our team
strives to partner with founders and CEOs of growing, commercial
stage businesses that can benefit by leveraging Piper Sandler's knowledge, experience, capital
and relationships to build market leading enterprises. PSMB
provides investment advisory services through the affiliated
registered investment adviser, PSC Capital Partners LLC. Learn more
about Piper Sandler Merchant Banking.
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