Everphone raises $200 million to bring more smartphones into the circular economy
Everphone, the device-as-a-service pioneer, has raised $200 million to further advance the circular economy in mobile devices.
- Everphone customers conserve valuable environmental resources through circular economy by design
- Growth investor Cadence Growth Capital (CGC) leads the round;
Deutsche Telekom, AlleyCorp and signals Venture Capital also invest
- Deutsche Bank and international Phoenix Insurance provide green loans in a warehouse financing deal
Berlin, Dec. 6, 2021 – Everphone, the phone-as-a-service pioneer, has raised $200 million to further advance the circular economy in mobile devices. The funding round is led by Cadence Growth Capital (CGC), which is now the largest shareholder. The fresh capital will be used to expand activities to acquire new business customers. The money will also go toward further internationalization, increased staff, product development and growth of the active equipment fleet, which already numbers over 100,000 devices.
The circular economy aims to reuse resources in whole or in part in order to save finite resources such as rare earths and other components. Everphone’s sustainable phone-as-a-service model is Circular Economy by Design. In this model, smartphones are refurbished after their first two-year lifecycle and then put into a second use phase. Refurbished smartphones already save 58 kg of CO2 with their two life cycles. Worldwide, 226 million smartphones were refurbished last year alone. This saved 13 million tons of CO2, which is equivalent to the annual emissions of 8.7 million combustion cars.
Everphone enables enterprise customers to purchase mobile devices – smartphones, tablets and laptops – for their workforce on an as-needed basis. Only as many end devices are ever in use as are needed. The transaction takes place directly between the individual employees and Everphone. In addition to saving environmental resources, this also saves time and valuable IT admin resources in the company. The special feature of this model is that, in addition to the end devices, complete software management (Mobile Device Management (MDM)) is also integrated. This makes it easy to implement current data protection guidelines and security requirements.
The expansion beyond the home market of Germany is the logical development of Everphone’s successful model. The company won a number of international customers last year. Now it is pushing ahead with further expansion in Europe and the USA.
Demand for our model is not only unbroken, it is actually increasing rapidly. The more companies understand that they should only use as many devices as they really need, the more we relieve the burden on the environment and save valuable resources. My goal has always been for the Circular Economy to become widely accepted, and we’re well on our way there. In short, I believe in using instead of owning.”Jan Dzulko, CEO and founder of Everphone
“We have been following Everphone for years and see very great potential for a successful establishment as a partner of enterprise and SME customers in Germany, Europe and USA. Everphone’s one-stop solution fits exactly into our time of change and enables flexible working hours and recently also work location models. This makes Everphone the enabler of New Work and at the same time implements sustainability with a significant contribution to the Circular Economy.”Leonard Clemens, Co-Founder and Managing Partner of Cadence Growth Capital
“As part of the Circular Economy and with the ambition to drive the digitalization of a broad base of workers, Everphone points the way to the future. In order to be able to provide the young Berlin-based company with sufficient capital for rapid growth, while at the same time accommodating its highly agile phone-as-a-service model, we jointly developed a customized hybrid financing solution.”Robin Cresswell, Head of Direct Lending DACH, Deutsche Bank
“Everphone is the future of smart and climate-friendly device management for businesses around the world. Our commitment reflects our enthusiasm for the company and its compelling prospects.”Micah Selya, Investment Manager at Phoenix Insurance Company
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