Electrobac, a Montreal-based cleantech company working on the recovery and repackaging of small electronics, has closed a $1 million seed round. The startup has also told MTLinTECH that they’re actively looking to hire a number of new employees in Montreal.
Investors in the round include Fondaction and Montreal-based Ecofuel, which is part of Cycle Capital. Electrobac participated in the Ecofuel Accelerator training program in 2016.
Once recovered, the electronic devices can be reused safely or recycled rather than end up in the garbage. Electrobac does this by through a network of smart recycling bins for electronic waste.
“The recovery of small electronics is an important environmental issue for the industry,” said Richard Cloutier, CEO of the Ecofuel Accelerator. “Electrobac has a significant growth potential… the company’s current contracts and ongoing discussions confirm the growing interest in this market segment.”
In a release, Electrobac said its goal is to become the market leader in both the recovery of small electronic devices from consumers as well as the revaluation of corporate smartphones. The funding “will allow the company to expand into new
markets, including Ontario and British Columbia. The funds will also be used to double the size of the team and
improve proprietary technologies of the company.”
Electrobac plans to roll out a new model of a consumer-grade, intelligent recycling bin in high-traffic areas of the Greater Toronto Area. The company also plans to grow its business-to-business mobile phone repurchasing program to become nationwide. According to the startup, “many large clients from the industrial, professional, and financial service sectors already take advantage of this Buybac program, where the company repurchases and data-wipes used corporate cell phones and tablets.”
Electrobac says that due to the miniaturization of electronics, companies and consumers are buying an increasing number of tablets, cell phones, smart watches and more. In order to protect the environment, they want to provide accessible and specially adapted collection points for small electronic devices to prevent them from ending up in landfills.
Those interested in working with Electrobac should contact CEO Philip Bénard at Philip.Bénard@electrobac.com