Flipswap Receives $14 Million in Series B Financing


Flipswap, a Los Angeles-based mobile phone and iPod trade-in and recycling company, announced today that it has obtained $14 million in a Series B financing round from RRE Ventures and NGEN Partners

Flipswap was founded in 2005 and enables consumers to trade in their mobile phone or Apple iPod and obtain cash, make a donation, or receive credit for a new device.  The company also provides a variety of merchant services to brick and mortar stores, websites, and non-profit organizations.  Since Flipswap’s launch in 2005, consumers have provided Flipswap with more than 700,000 devices.  According to the company, in 2007 it placed enough mobile phones back into circulation to keep the equivalent of 50 tons of solid waste out of U.S. landfills.

“We saw a novel way to apply incentive principles to worldwide challenges of electronic waste. It’s an important mission,” says Sohrob Farudi, CEO of Flipswap. “We are fortunate to have found strong and forward thinking partners; it’s a huge vote of confidence for Flipswap to be recognized as an innovator with the backing of two leading firms during these tough economic times.”

“Flipswap is directly tackling issues of electronic waste and environmental sustainability through a highly scalable business model,” said Rosemary Ripley, managing director with NGEN. “With this investment we see significant opportunities to grow the Flipswap brand, platform and distribution footprint.”

“We were impressed with Flipswap’s innovative business approach to this growing global challenge, as well as their ability to execute and build momentum despite market conditions,” said Harsh Patel, venture partner with RRE Ventures. “We are delighted to support companies committed to positive environmental impact through entrepreneurship.” 

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Carbonetworks Raises $5 Million in First Close of Series A Funding

Carbonetworks, a Victoria, British Columba-based company that provides enterprise greenhouse gas emissions management software, announced on July 21st the first close of a $5 million round of series A venture capital financing.  This funding was provided by NGEN Partners.

"We have a particularly aggressive growth plan in a nascent and rapidly growing market," said Michael Meehan, President & CEO of Carbonetworks Corporation. "A major part of this plan includes investing in response to the growing market demand for carbon management services and strengthening our ability to access and support customers. We are very happy to have raised a significant portion of our financing with a leader in cleantech investments like NGEN Partners."

Carbonetworks is currently helping more than 180 organizations in 23 countries create and manage their greenhouse gas emissions strategies and expects to significantly expand its operations in the coming months.

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Hycrete Obtains $15 Million in Series C Funding

HycreteHycrete, a Carlstadt, New Jersey-based company whose products include Hycrete Admixture, which waterproofs concrete and provides environmental benefits, has closed a $15 million round of series C venture capital financing, according to VentureWire (via Private Equity HUB).  The round was from led by Mohr Davidow Ventures, with participation from previous investors NGEN Partners and RockPort Capital Partners.  Other investors in Hycrete include NJTC Venture Fund.

The following video provides an overview of Hycrete.

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