Apkudo completes $14.4 million growth round

Baltimore-based Apkudo, a provider of supply chain automation for connected devices, announced it has completed a $14.4 million growth financing round. The money will be used to further its growth and advance the development of its connected device platform, such as the one it created for  like FedEx. Supply Chain Robotics.

The round was led by the Closed Loop Partners’ Leadership Fund, a circular economy-focused investment firm based in New York City, with the participation of Harbert Growth Partners, Grotech Ventures, MissionOG and Lavrock Ventures.

Apkudo says its 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 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.”

According to a news release from Closed Loop Partners, Apkudo’s Connected Device Platform connects internal systems across an enterprise that enables real-time decisions. By enabling customers to connect their ecosystem partners the platform, Apkudo says it delivers improved supply chain efficiencies via a single operating system. The result is a flexible platform that reduces complex processes into collaborative business applications.

“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,” says Josh Matthews, co-founder and CEO of Apkudo. “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 [also] deep industry knowledge and global networks to help facilitate our continued growth.”

Apkudo says it has tripled the number of customers on its platform over the last two years. In 2021, the company expanded to serve computer and laptop brands in addition to the broader wireless mobility services industry, including 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 expertise and continued focus on strengthening circular supply chains for high-value electronic devices.

Closed Loop Partners says its ecosystem connects entrepreneurs, industry experts, global consumer goods companies, retailers, financial institutions and municipalities, bridging gaps and fostering synergies to scale the circular economy.