T-Venture was also joined by Barkawi Group – the majority shareholder of Teqcycle – and the company’s management.
Teqcycle says it will use the funds to roll out the business and increase public awareness of trade-in opportunities for used mobile phones.
The company offers retail partners and their customers an app which calculates the trade-in value of a mobile device. The calculated trade-in value is directly subtracted from the price of an item bought at the retailer. It also offers the service to corporations with additional processes including data deletion and public collections.
T-Venture was founded in 1997 and is headquartered is in Bonn. The firm is supported and complemented by T-Venture of America, in San Francisco and Seattle. Investment activities focus on Europe, the United States and Israel.
To date T-Venture has invested in more than 190 companies, with notable exits, incoluding recently the IPOs of Demandware and Ruckus Wireless.
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