Supply chain automation company Apkudo announced on Feb. 8 that it had received $14.4 million in funding to further develop its connected device platform.
The growth funding round was led by the Closed Loop Partners’ Leadership Fund and included existing investors Harbert Growth Partners, Grotech Ventures, MissionOG and Lavrock Ventures, a press release noted. Closed Loop Partners is a for-profit, corporate-backed investment firm that invests in businesses and projects that support a circular economy.
Apkudo’s connected device platform helps businesses make decisions about repair, resale, and recycling opportunities by creating datasets that customers can use. These datasets can connect to a larger network of real-time market data.
Josh Matthews, co-founder and CEO of Apkudo, said the circular economy is changing the way consumers and businesses manage electronic devices, and that’s where Apkudo comes in.
“The second and third life of a device is now something that each of us must consider,” Matthews said in the press release. “With this investment from Closed Loop Partners and our existing investors, we have a group of experienced investors who can provide not only capital, but also deep industry knowledge and global networks to facilitate our growth. keep on going.”
FedEx uses the system to support “critical end-of-life decisions,” the press release said. Apkudo has tripled the number of customers on its platform over the past two years, according to the press release, and expanded last year to serve computer and laptop brands.
It previously served the wireless mobility services industry, including OEMs, managed network operators, third-party logistics companies, insurance companies, device resellers and repair companies.
Electronics recycling and reuse company ERI has worked with Apkudo, according to ERI CEO John Shegerian, who called Apkudo a “key partner” in the circular economy and sustainability goals. ERI last year too has received an investment from Closed Loop Partners.
“Our partnership helps us efficiently, safely and responsibly recover and recycle customer assets after use,” Shegerian said in the press release. “This shared vision is an essential part of our ongoing commitment to zero waste practices.”
Martin Aares, Managing Director of Closed Loop Partners, said in the press release that by helping customers better understand the condition and value of their devices, Apkudo drives “intelligent, sustainable and profitable decision-making.”
“Their technology dramatically improves reverse logistics and the resale of connected electronic devices, helping to reduce e-waste,” Aares said. “Our partnership with Apkudo will drive circularity in electronics supply chains that ultimately benefits people, planet and business.”