IT refurbishment company Reconome receives £3m funding from Daily-Dose backer | Money News

On December 13, 2024By Karl

A certified B Corporation that repurposes electronic equipment to benefit schools and charities has secured more than £3 million in funding from a leading start-up investment group.

Sky News understands that Reconome, which has partnered with major companies such as Netflix and O2, has secured new money from IW Capital, which backs a number of leading British SMEs.

The aid campaign is expected to be announced in the coming days.

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Founded in 2018, Reconome aims to tackle the growing environmental pollution that results in millions of electronic devices being thrown away in Britain every year.

It also partners with charities and public services, including the Metropolitan Police, to help them reduce their electronic waste.

The company says it helps alleviate digital poverty by putting technology into the hands of people who might not otherwise have access to it.

Nick Rawkins, managing director of Reconome, said: “We are working to build a circular economy for electronics, where devices are built to last and nothing is wasted.

“We are pleased that investors can see and support this vision.”

Estimates suggest that approximately 60 million tonnes of electronic waste (equivalent to 800 laptops per second) are produced each year, of which approximately 85% is sent to landfills and incinerators.

The global repurposed electronics market is said to be worth around £200bn and is expected to grow at more than 7.5% annually before 2030.

“Reconome’s business model… sets the business up to be commercially successful while also helping to solve key problems in society, such as large-scale electronic waste and digital poverty,” said Alex Petri, investment director at IW Capital.

IW Capital’s portfolio includes start-ups such as Daily Dose and Transcend Packaging.