“The circular economy is changing how consumers and businesses manage their electronic devices; the second and third life of a device is now something that every one of us needs to consider.” - Josh Matthews, Co-founder and CEO of Apkudo
BALTIMORE (PRWEB) February 08, 2022
Apkudo, the leader in supply chain automation for connected devices, announced today that it completed a $14.4 million growth financing round led by Closed Loop Partners’ Leadership Fund, a circular economy-focused investment firm, with the participation of existing investors, including Harbert Growth Partners, Grotech Ventures, MissionOG and Lavrock Ventures. Apkudo engages, manages and optimizes the global device supply chain ecosystem to achieve efficiencies and intelligent processes, and improve margins. The company will use the funds to further its growth and advance the development of its robust connected device platform (e.g. FedEx Supply Chain Robotics).
The new investment follows the company’s rapid acceleration in the market. Over the past two years, Apkudo has tripled the number of customers on its platform. Late last year, the company expanded to serve computer and laptop brands in addition to the broader wireless mobility services industry, which includes original equipment manufacturers, managed network operators, third-party logistics companies, insurance firms, device resellers and repair companies.
The addition of Closed Loop Partners as an investor expands Apkudo's robust expertise and continued focus on strengthening circular supply chains for high-value electronic devices. Since 2014, Closed Loop Partners has invested in circular innovations, with an existing portfolio of more than 50 investments that have collectively diverted more than 4,600 million pounds of material from landfills and back into manufacturing supply chains. Closed Loop Partners’ ecosystem connects entrepreneurs, industry experts, global consumer goods companies, retailers, financial institutions and municipalities, bridging gaps and fostering synergies to scale the circular economy.
Today, the number of mobile phones alone on the planet is more than 6 billion, and is expected to grow rapidly with increasing connectivity and consumption across the globe. 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. Apkudo’s technology creates greater transparency across the electronic device value chain, empowering businesses to make smart decisions regarding their devices, from early stage inventory management to repair, resale and recycling opportunities at a devices’ end-of-life.
“Apkudo has achieved impressive results in the wireless mobility industry and beyond. We’re especially excited about the traction our trade-in solution has garnered from the top-tier computer brands,” said Josh Matthews, Co-founder and CEO of Apkudo. “The circular economy is changing how consumers and businesses manage their electronic devices; the second and third life of a device is now something that every one of us needs to consider. With this investment from Closed Loop Partners and our existing investors, we have an experienced group of investors that can provide not only capital, but deep industry knowledge and global networks to help facilitate our continued growth.”
“Apkudo helps stakeholders across the electronics value chain better understand the condition and value of their devices, in turn driving smart, sustainable and profitable decision making,“ says Martin Aares, Managing Director at Closed Loop Partners. “Their technology enables vastly improved reverse logistics and resale of connected electronic devices, which helps reduce e-waste. Our partnership with Apkudo will further the circularity of electronics supply chains that ultimately benefit people, the planet and business.”
Apkudo’s Connected Device Platform connects internal systems across an enterprise with ease––unlocking powerful data from silos to enable real-time decisions. By enabling customers to connect their ecosystem partners to the Apkudo platform, Apkudo delivers improved supply chain efficiencies via a single operating system. The result is a flexible platform that reduces complex processes into collaborative business applications. Apkudo’s partnership with FedEx demonstrates how their automation and robotics system supports critical end-of-life decisions based on corporations' unique needs.
“Apkudo is a key partner for ERI as we work collaboratively to achieve the specific circular economy and sustainability goals of our shared customers. Our partnership helps us to efficiently, securely and responsibly recover and recycle customer assets after their use,” says John Shegerian, Chairman/CEO of ERI. “This shared vision is a critical part of our ongoing commitment to zero waste practices as we help brands of all sizes build strong, resilient and circular economy supply chains.”
“We are proud to continue supporting Apkudo, as they have emerged as a leader in Industry 4.0,” remarked George Krautzel, managing partner of MissionOG. “Over the past year, their real-time inventory management and integrated robotic solutions have quickly scaled and become essential with many of the world’s largest connected device brands.”
Apkudo is the global leader in supply chain automation with solutions spanning the entire lifecycle of connected devices. From certifying new devices for launch to optimizing liquidation of refurbished products, the Apkudo Platform provides a seamless operating system across both internal and external partner systems. Learn more at apkudo.com
About Closed Loop Partners
Closed Loop Partners is a New York-based investment firm comprised of venture capital, growth equity, private equity and project finance, as well as an innovation center focused on building the circular economy. Investments align capitalism with positive social and environmental impact by reducing waste and greenhouse gas emissions via materials innovation, advanced recycling technologies, supply chain optimization and landfill diversion. Learn more at closedlooppartners.com
About the Closed Loop Leadership Fund at Closed Loop Partners
The Closed Loop Leadership Fund is Closed Loop Partners’ private equity fund, focused on investing in best-in-class circular business models that are fundamental to keeping plastics and packaging, food and organics, electronics and textiles out of landfills and within a circular system. Learn about the Closed Loop Leadership Fund at: closedlooppartners.com/funds/closed-loop-leadership-fund
About Harbert Growth Partners
Harbert Growth Partners (“HGP”) seeks to identify and invest in promising emerging growth-stage technology companies located in attractive technology ecosystems. Based in Richmond, VA, the HGP team combines substantial investment, advisory, and operating experience with capital and an extensive network to support promising entrepreneurial teams in successfully executing their growth plans. For more information, visit: https://www.harbert.net/investment-strategies/private-capital/growth-capital/
About Grotech Ventures
Founded in 1984, Grotech is a leading venture capital firm focused on early-stage, high potential technology companies based outside of Silicon Valley. With more than $1.0 billion in committed capital, Grotech seeks innovative, early-stage investments across the software landscape and continues to invest and add value throughout the life cycle of each portfolio company. For more information, visit grotech.com
MissionOG partners with high-growth businesses that have proven models in segments where we have had success as operators and investors, including financial services and payments, data platforms, and software. We apply our experience and capabilities to a group of highly skilled and passionate entrepreneurs whose businesses are on the cusp of exponential growth. Headquartered in Philadelphia, the firm is managed by operators and investors who have effectively built early to growth-stage businesses and guided them through successful acquisitions. For more information visit missionog.com
About Lavrock Ventures
Founded in 2016, Lavrock Ventures is a venture capital firm based in McLean, Virginia. The firm seeks to invest in companies operating in software, cybersecurity, big data, and national security sectors. The firm prefers to invest in companies based in Europe and North America. For more information, visit lavrockvc.com