SJF Ventures Invests in eRecyclingCorps

Durham, N.C.-based SJF Ventures has announced that it has invested in eRecyclingCorps, a company that is working with tier-one wireless carriers to establish consumer buyback programs. With SJF’s investment, eRecyclingCorps announces the final closing of its Series A financing with OPENAIR Ventures, TAP Advisors, SJF Ventures and the entire senior management team as the Series A syndicate.

ERecyclingCorps enables carriers to buy back used handsets from consumers and ensure they are resold or responsibly recycled, according to a press release issued jointly by the company and SJF Ventures. The company deploys a Web-based platform that integrates directly into the point-of-sale system at carrier retail stores, where 60 percent of all U.S. phones are sold, according to eRecyclingCorps..

Sprint is the first carrier to partner with eRecyclingCorps, deploying the system in 1,100 company-owned retail stores, more than 1,700 Sprint preferred dealers and through its online channels. The eRecyclingCorps partnership enabled Sprint to expand its Buyback program to accept devices, regardless of manufacturer or carrier, and to offer instant point-of-sale savings to current and new customers that trade in any eligible device for recycling when activating or upgrading a Sprint phone in store, the company says.

The founders of eRecyclingCorps are CEO David Edmondson, previously CEO of RadioShack, and Chairman Ron LeMay, former president and COO of Sprint.

“ERecyclingCorps’ program uniquely possesses three key elements for a successful model in this space,” says David Griest, managing director at SJF Ventures. “It is the most convenient for the customer, it has the strongest financial incentives for both the customer and the carrier and it is a highly scalable solution. This program also captures used handsets at their peak value, which is when a new one is purchased.”

Edmondson says, “As we execute our growth strategy, we are pleased to have SJF Ventures as an investor and value their history, long-term commitment and deep expertise in cleantech, sustainability, re-use and recycling.”

SJF Ventures is a venture capital fund with offices in Durham,New York and San Francisco. The organization has an 11-year record of assisting management teams in the cleantech, sustainability and technology enhanced services sectors.