Gazelle expands following new investment
By Jake Thomas, Resource Recycling
Gazelle, an electronics refurbishment and resale provider, has announced that it will be expanding operations thanks to $22 million in financing.
Last year, Gazelle's business, which it calls "reCommerce," grew substantially according to the company, achieving a 155 percent year-over-year growth in revenues and attracting over 175,000 customers who used the company's services to trade in or recycle old electronics. Since 2008, Gazelle has added over 20 product categories and 300,000 products.
Gazelle's take-back operations currently work by having customers match up their products to ones on Gazelle's list of acceptable items and then shipping them to the company in exchange for cash. Items Gazelle cannot resell through retail channels are recycled through partnerships with e-scrap processors – which the company says must have implemented no-export, no-prison labor and no-landfill policies, have a documented environmental management system, have data security procedures in place and be ISO 9001 and ISO 14001 certified.
The new funding was raised in a series D round of financing that included investors Physic Ventures, Venrock Associates and RockPort Capital. Gazelle plans to use the newly acquired cash to better market its services and inventory acquisition, and improve its operational capital.