Coinstar founder Jens Molbak has joined ecoATM, the only company to provide automated systems for recycling consumer electronics, as a board member and investor, the company announced today.
The company also announced that San Diego-based TAO Venture Partners led this first institutional round of funding in ecoATM.
Molbak founded Coinstar Inc. in 1989 and, as CEO, took it public in 1995. Coinstar today is the parent company for DVD-rental kiosk company redbox.
"EcoATM is a compelling business opportunity," Molbak said. "I am delighted to be both an investor and board member. Similar to Coinstar, ecoATM's unique, self-service approach unlocks a substantial market, delivering tangible benefits to retailers, consumers and society as a whole. EcoATM has a clear vision and an exceptional management team. I believe we have an exciting future ahead."
"Jens has been a key advisor to ecoATM over the past year, and we are really looking forward to his closer involvement on our board through the next growth phase," ecoATM CEO, president and chairman Tom Tullie said.
Tao Venture Partners, a San Diego-based early stage investment fund, led the first round of investment. (Financial details are confidential.) Tom Clancy, managing director of TAO Venture Partners and former program manager for ATM and kiosk development for Citibank NA, joins the board as well.
"Heretofore, eWaste recycling has been inconvenient and costly, as evidenced by the hundreds of millions of old devices still sitting in consumer drawers at homes," Clancy said. "The overwhelming response to initial market tests convinced us that ecoATM's approach will enable a 10-fold increase in recycling. We are very pleased to be involved in this exciting and worthwhile enterprise."
