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ReCellular Raises Capital from NXT Capital Venture Finance
Woodside, CA, May 22, 2012 – NXT Capital’s Venture Finance Group today announced that it has provided a multi-million dollar subordinated venture loan to ReCellular, Inc. This minimally dilutive facility, which is structured to complement the company’s existing capitalization, will help ReCellular accelerate strategic global growth opportunities.
ReCellular is the world’s leading electronics sustainability firm, offering a fully-integrated solution for collecting, reusing, reselling and recycling used mobile devices and personal electronics. ReCellular collects more than 100,000 electronic devices per week from over 40,000 global locations, and provides donation and device resale services for consumers as well as numerous corporate partners including Verizon Wireless, T-Mobile, Sprint, Best Buy, Motorola, Virgin Mobile and Wal-Mart. Headquartered in Ann Arbor, MI, ReCellular is backed by Investor Growth Capital and Michigan Growth Capital Partners.
“NXT Capital Venture Finance customized a facility that truly complements our existing capital sources and allows us to further accelerate growth,” said Stephen Manning, ReCellular’s Chairman and CEO. “Throughout the process, the NXT team demonstrated expertise in structuring the financing as well as a keen understanding of our industry. We are also very pleased to partner with a firm that can provide substantial additional capital in the future as our needs expand.”
“ReCellular has built a remarkable business dedicated to providing value-driven electronics to consumers, supporting charitable programs and raising environmental awareness,” said Peter Fair, Managing Director, NXT Capital Venture Finance. “ReCellular’s commitment to sustainability through its materials stewardship initiatives provides a leading example to the electronics industry. They really are ‘one of the good guys’ and we’re very excited to help fuel ReCellular’s growth.”
ABOUT NXT CAPITAL VENTURE FINANCE:
NXT Capital Venture Finance is a newly formed business committed to serving entrepreneurs by providing less dilutive, more flexible forms of capital. With offices in Boston and Silicon Valley, NXT Capital Venture Finance provides senior and subordinated term loans in the $1 million to $20 million range to emerging growth companies backed by venture capital and private equity firms, particularly those in the technology and life science sectors. Target clients range from pre-revenue companies led by dedicated entrepreneurs to late-stage, proven businesses seeking more efficient growth capital. For more information, see www.nxtcapital.com/venture-finance.
ABOUT NXT CAPITAL:
NXT Capital provides structured financing solutions to middle-market and emerging growth companies, as well as real estate investors, through its Corporate Finance, Venture Finance and Real Estate Finance groups. Based in Chicago with offices in New York, Atlanta, Boston, Dallas, Newport Beach and Silicon Valley, NXT Capital targets senior financing opportunities up to $150 million with a hold size up to $50 million. See www.nxtcapital.com.
With offices in the United States and Hong Kong, ReCellular, Inc. is the world’s leading electronics sustainability firm. The company provides solutions for the collection, reuse, and recycling of used personal electronics that generate financial return for its partners, quality products for its customers, funding for charity organizations and protection of the environment. Corporate, charitable, consumer and wholesale information is available at www.ReCellular.com.
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