Everphone Raises $200 Million To Bring More Smartphones Into The Circular Economy

everphone saves environmental resources through circular economy by design

Growth Investor Cadence Growth Capital (CGC) leads the round;
Deutsche Telekom, AlleyCorp and signals Venture Capital invest again

Deutsche Bank and the Phoenix Insurance Company provide green l**** within a warehouse financing facility

everphone, the phone-as-a-service pioneer, raised US$200 million to drive its mission to establish the circular economy in mobile devices. The funding round is led by Cadence Growth Capital (CGC) who are now the biggest shareholder. The fresh capital will be used to expand activities in acquiring new business customers. Additionally, the money will go towards further internationalization, increasing personnel, product development, and the growth of the active device fleet, which already numbers over 100,000 devices.

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Circular economy aims to reuse raw materials in whole or in part in order to save finite resources such as rare earths and other components. everphone’s sustainable phone-as-a-service model is circular economy by design. Smartphones are refurbished after their first two-year life cycle and given a second life. Refurbished smartphones with two life cycles already save 58 Kilograms¹ of CO₂. In 2020 alone, 226 million smartphones were refurbished worldwide². This saved 13 million tonnes of CO₂, which is equivalent to the annual emissions of 8.7 million combustion cars³.

everphone gives corporate customers the flexibility to obtain mobile end devices, i.e. smartphones, tablets and laptops, for their workforce – as necessary and needed, in any given moment. There are only as many end devices in use as necessary. Handling takes place directly between the individual employees and everphone. In addition to environmental resources, this also saves time and valuable IT admin resources in the companies. This model is special in that, in addition to the hardware a complete mobile device management (MDM) solution is integrated. This makes it easy to implement current data protection guidelines and security requirements.

The expansion beyond the home market of Germany is the logical development of everphone’s successful model, with the company winning a number of international customers in the past year. Now, the company is pushing ahead with further expansion in Europe, and the USA.

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Jan Dzulko, CEO and founder at everphone: “The demand for our model is not only unabated, it is even increasing rapidly. The more companies understand that they should only use as many devices as they really need, the more we save the environment and valuable resources. My goal has always been for the circular economy to become widely accepted and we are doing our part. In short, I believe in using rather than owning.”

Leonard Clemens, Co-founder and Managing Partner at Cadence Growth Capital: “We have been accompanying everphone for years and see great potential for a successful positioning as a partner for customers from the enterprise and SME sectors in Germany, Europe, and the USA. everphone’s one-stop solution fits perfectly into our time of change enabling flexible working hours and, lately, hybrid location models. This makes everphone an enabler of New Work and, at the same time, implements sustainability with a significant contribution to the Circular Economy.”

Robin Cresswell, Head of Direct Lending DACH, Deutsche Bank: “As part of the circular economy, and with its aspiration to drive the digitalisation of a broad base of workers, everphone is leading the way into the future. In order to be able to provide the young Berlin-based company with sufficient capital for rapid growth, and at the same time meet the very agile phone-as-a-service model, we jointly developed a customized hybrid financing solution.”

Micah Selya, Investment Manager at The Phoenix Insurance Company: “everphone is the future of smart and green device management for corporates around the world. Our investment reflects our excitement for the company and its compelling prospects.”

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