The mobile phone recycler Zonzoo Group has received a cash injection of 1.5million Euros from Venture Capitalist firm Cleantech Invest.
Cleantech Invest is a renewable energy fund manager which focuses on clean technologies. They work by combining capital, sector know-how and access to key players around the world in their sector.
Zonzoo Group was founded in 2001 and has its headquarters in the UK but operates across Europe and into the UAE.
Their strategy is to offer value mobile phone recycling services to consumers and business all across Europe. Money is paid directly into the seller’s bank account and Zonzoo then sells the working phones onto developing countries.
The investment will be used to fund Zonzoo’s plans to expand internationally and diversify its service by enabling consumers to recycle other electronic items such as TVs, ipods and laptops.
The CEO of Zonzoo Group, Colin-Armstrong Bell said: “With Cleantech Invest’s support and investment, we aim to significantly expand the company and make Zonzoo the international household brand for collection and reuse of used consumer electronic goods.”
Jürgen Habichler, Cleantech Invest’s board president said, “Zonzoo is prone to become one of the leaders in the emerging market of collection and reuse of used consumer electronic goods.”