Mobile phone recycling has received a boost with a substantial investment by the renewable energy fund manager Cleantech Invest in the Zonzoo Group, a UK mobile phone recycler.
The 1.5m Euro investment has been secured in in a convertible note financing round led and structured by Cleantech Invest.
Existing investors StoneFund and OakInvest invested in the round, which is designed to fund Zonzoo’s international growth and enable diversification of products. The group plans to expand from its UK bases into Germany with the aim of becoming a market leader in the burgeoning market for the re-use of mobile phones and other electronics.
Zonzoo’s core business is recycling and refurbishment and it has built up an extensive capability to source and distribute from both physical and online sources. It has partnerships with Vodafone and Tesco going back to its foundation in 2001 and this latest investment is set to turn Zonzoo into a leading brand internationally in the collection, re-use and recycling of mobile phones and other electronic products.
This new investment in a UK mobile phone recycling company shows that there is plenty of scope for businesses to expand in the mobile phone recycling sector that has the potential to produce a steady stream of used models for re-use and recycling.