Cell phone recycling company eRecycling Group raised $105 million from investors including Kleiner Perkins Caufield & Byers and Silver Lake Kraftwerk.
The company makes cell phone recycling and trade-in programs for carriers and is focused on creating services that the carriers can utilize and profit from.
The 130 million cell phones discarded annually create 65,000 tons of solid waste.
Laws regarding recycling of cell phones vary across states and cities, making consumers and providers uncertain about what to do with used devices. Only about 8% of phones are currently recycled.