Teqcycle Solutions Receives Investment from T-Venture
Summary
The transaction, which is subject to approval by antitrust authorities, was led by T-Venture, with participation from Barkawi Group, the majority shareholder of Teqcycle, and the management.The company intends to use the funds to roll-out the business and increase public awareness for trade-in opportunities for used mobile phones.Founded in January 2013 as a spin-off of Teqport Services and led by Sebastian Neubeck, Managing Director, Teqcycle Solutions provides a certified, multi-step take back and reuse program.Its “Shop-Take-Back-Solution” offers retail partners and their customers an app-based or web-based solution which calculates the trade-in value of a mobile phone.Deutsche Telekom is one of the major partners with other customers including retailers, large corporations and government bodies.
Funding
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