Partner Article

UK tech start-up Intellibox receives new investment

25 June, 2015 – Intellibox, a provider of patented hardware enabling mobile retailers and consumers to responsibly recycle old mobile devices, has today gained a substantial amount of funding to further cement itself in European and South American markets.

A significant portion of the funding has been generated through a series of investment companies, including PJTCM, Openfund and existing investors Alpha Ventures and TLCOM, based in Greece and the UK. The remainder comes from other organisations that are committed to supporting the company’s rapid growth plans.

The investment will provide further support for Intellibox’s recent successful trials in Brazil and the UK with major telecoms operators. The trials saw Intellibox placed in a number of stores, enabling consumers to instantly receive a buy-back price for their mobile device and gain monetary compensation to be used in-store to the benefit of the retailer, resulting in sales growth.

Som Sinha, CEO of Intellibox, says, “The injection of funding is a massive step toward enabling us to realise our strong growth ambitions. We are a tech start-up and this investment will not only support our continued innovation but also marketing our product to enable expansion into new countries.

“We are incredibly excited at the prospect of taking our product into new markets. We want consumers to make the most of their old devices, rather than let them depreciate in value. Far too often they aren’t parting with their handsets as they perceive the recycling process to be complex or see little benefit in doing so. In reality, in-store mobile recycling can be valuable for consumers and retailers alike – not just through cost but also through improved service, helping to generate a positive customer experience, brand loyalty and sales generation.”

One of the businesses new investors, says, “Intellibox has continued to make its mark on international markets. The company’s passion for recycling and ambitions to expand globally are two characteristics that really stood out to us. We are very excited to be part of this project and look forward to watching Intellibox flourish.”

The business, founded in 2013, provides hardware which is set up in-store and takes customers through a simple process to understand the value of their phone. The value is immediately recognised for cash or redeemed against another device or accessory.

This was posted in Bdaily's Members' News section by Som Sinha .