Your Old Device Is Worth Cash (CSTR, SIVB)

Thanks to EcoATM, your old electronic devices may be worth cash in your pocket. EcoATM's environmentally-friendly gadget recycling machines have attracted attention from Coinstar CSTR and Silicon Valley Bank Financial Group SIVB, among others. The first round of funding for EcoATM raised the company $14.4 million, with Coinstar, Claremont Creek, and Silicon Valley Bank leading the round. EcoATM has also received a grant from the National Science Foundation. The EcoATM kiosks will scan a consumer's used electronic gadget, ensure it works, identify exterior damage, and will offer a price based on its valuation and on secondary market values. The seller can then receive in-store credit or cash. So far, EcoATM has processed over 50,000 used devices and up to 75% of these devices have found a second life, a company representative stated exclusively to Benzinga. "Approximately a quarter of these (devices) have no value," the representative said on the phone with Benzinga, "and we send them off to be responsibly recycled." The representative stated that EcoATM hopes to add approximately 100 new machines domestically in the next year, with up to 1,000 new machines in 2012. EcoATM kiosks are currently located in California, Washington, Nebraska, and Kansas.