Apkudo, Baltimore, MD-based supply chain automation for connected devices, announced that it closed $37.5 million in Series C funding.
The oversubscribed round was co-led by Closed Loop Partners' Leadership Fund and Piper Sandler Merchant Banking, with participation from MissionOG, Harbert Growth, Grotech Ventures, Lavrock Ventures, and Point Field Partners.
The company will use the funds to expand further its commercial, and technical operations and international presence.
During 2022, Apkudo continued its rapid growth and doubled revenue as industry players increasingly looked for ways to simplify and optimize their forward and reverse logistics for connected devices like mobile phones, tablets, laptops, wearables, and other products.
The Apkudo Circular Industry Platform solves complexities in the connected device supply chain, delivering process efficiencies via a single operating system that manages the lifecycle of these devices, from launch to end of life.
"Velocity, accuracy, and transparency are required attributes of efficient, effective circular supply chains," said Josh Matthews, CEO and Co-founder of Apkudo. "The Apkudo Circular Industry Platform is transformative in its approach to connecting industry participants and optimizing these outcomes for each and every device that moves through it."
The platform leverages hardware and software technology purpose-built to maximize value from resale, repair, and reuse while eliminating e-waste and improving profit margin and agility.
Apkudo provides a fully integrated diagnostic, dispositioning, and marketplace solution that gives customers real-time visibility into global demand for their used devices.
Company: Apkudo, Inc.
Round: Series C
Funding Month: February 2023
Lead Investors: Closed Loop Partners' Leadership Fund and Piper Sandler Merchant Banking
Additional Investors: MissionOG, Harbert Growth, Grotech Ventures, Lavrock Ventures, and Point Field Partners
Company Website: https://www.apkudo.com/
Software Category: Supply Chain Automation
About the Company: Apkudo's Circular Industry Platform provides a full suite of decision-support and operating tools: automated testing and grading systems, device lifecycle management, and resale market integration. Headquartered in Baltimore, MD with offices worldwide, Apkudo helps companies manage connected devices to maximize device value, minimize labor costs and reduce e-waste. Apkudo has connected and optimized the device supply chains for some of the world's largest manufacturers, network operators, insurers, retailers, logistics providers, repairers, and traders. Customers like FedEx, T-Mobile, and Asurion have more transparency, security, and connectivity across the supply chain for connected devices.