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February 7th, 2013ecoATM Nets $40 Million to Expand Kiosks

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by Mike Freeman
UTSanDiego.com

San Diego, CA – San Diego-based ecoATM, a maker of cellphone recycling kiosks, said it has secured $40 million in debt financing from Falcon Investment Advisors to expand its kiosk network nationwide.

The company now has about 320 kiosks in 20 states, said Mark Bowles, founder and chief marketing officer. It will use the debt to pay for additional kiosks covering the lower 48 states. ecoATM is currently installing additional kiosks at a rate of two per day. The expansion could triple its locations across the U.S.

“The goal is to eventually be within five miles of a 90 percent of the population in the U.S.,” said Bowles. “That will take a few more years. But the strategy is to get the kiosks as close to as many people as possible as fast as we can.”

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