$37.5 Million Raised
Apkudo, a Maryland based company which supplies connected device management solutions, has recently raised $37.5 million in its Series C funding.
The organization utilizes automation to broaden the supply chain process for interconnected devices and bolster repair, resale, and recycling markets.
A successful round of financing saw an influx of new and returning investors, including MissionOG, Harbert Growth, Grotech Ventures, Lavrock Ventures, and Point Field Partners with Closed Loop Partners’ Leadership Fund and Piper Sandler Merchant Banking co-leading the endeavor. This additional capital will be put towards broadening the company’s commercial and technical operations, as well as increasing its international reach.
“It’s actually a simple question – what should I do with this device, right now?” Seth Harward, managing director of Piper Sandler Merchant Banking asked. “But it took Apkudo to recognize all the pieces needed to answer that question, then build the solution that customers needed, and then finally make it easy for companies to use. This additional investment will help Apkudo get their solution to companies all over the world looking for a better way.”
A Single Operating System
Apkudo’s Circular Industry Platform has been designed to address the complexities of the connected device supply chain. The program offers process efficiencies through its single operating system, which can manage the entire lifecycle of smart devices.
“Velocity, accuracy, and transparency are required attributes of efficient, effective circular supply chains,” said CEO and Co-founder of Apkudo, Josh Matthews. “The Apkudo Circular Industry Platform is transformative in its approach to connecting industry participants and optimizing these outcomes for each and every device that moves through it.”
Leading companies such as FedEx, T-Mobile, and Asurion, have turned to the platform for its ability to maximize the value of resale, repair, and reuse through a combination of hardware and software.
“Instead of relying on extensive labor, disconnected systems and limited reuse options, Apkudo provides a fully integrated diagnostic, dispositioning and marketplace solution that gives customers real-time visibility into global demand for their used devices. This comprehensive solution has saved a large mobile carrier over $100 million by improving inventory visibility and, for a global logistics company, reduced warehouse processing times by 30%.” according to the press release.
A Sustainable Tomorrow
The use of electronic devices has skyrocketed in recent years, with over six billion mobile phones currently in circulation. This number is expected to rise dramatically as connectivity and consumption become ever-present across the globe.
Electronic devices are crafted from a plethora of valuable resources, ranging from rare earth metals used in batteries to other various useful components. Only 20 percent of these electronics are collected, refurbished, or recycled annually, equating to a staggering loss of $50 billion per year.
In a statement, Closed Loop Partners’ head of asset management, Martin Aares, highlighted Apkudo’s efforts as integral to the construction of a sustainable future.
“There is so much value within the connected devices already in the market today. Increasing their useful life and keeping these valuable materials in circulation, and out of landfills and the environment, is a critical part of accelerating the circular economy,” stated Aares. “Apkudo is helping build a circular future for connected devices––one that is more transparent and agile. We look forward to working with the Apkudo team as they accelerate the systems change needed for a waste-free future.”
