Baltimore-based Apkudo, which develops a platform to help manage, sell and test connected devices such as smartphones and laptops, today announced a Series C funding round co-led by Closed Loop Partners’ Leadership Fund and Piper Sandler. announced that it has raised $37.5 million. Merchants his banking with MissionOG, Harbert Growth, Grotech Ventures, Lavrock Ventures and Point Field Partners. Sources told TechCrunch that the round will bring Apkudo’s total funding to $75 million, putting the company at a post-money valuation of around $300 million.
Co-founder and CEO Josh Matthews said the proceeds will be used to expand Apkudo’s engineering team, build out the company’s go-to-market capabilities, and establish a physical presence outside the United States.
“Management has chosen to raise funding now to better serve the intense market demand for the Apkudo platform,” Matthews said. “Our customers also want us to expand beyond mobility into computing, while also collaborating in Europe, Asia and the Middle East.”
An embedded operating systems engineer by training, Matthews started Apkudo in 2011 with Ben Leslie, whom he met as a student at the University of New South Wales, Australia. The two will build a service that businesses can use to understand the supply chain logistics of devices such as smartphones, tablets, laptops and wearables, maximizing the value of reselling, repairing and reusing these devices. I aimed to
Martin Aares, Head of Asset Management at Closed Loop Partners, emphasized the sustainability part of Apkudo’s mission, noting that less than 20% of electronic equipment worldwide is recovered, refurbished or recycled. pointed out. “There is so much value in the connected devices that are already on the market today,” he added. “Extending their useful life, circulating these precious materials and protecting them from landfills and the environment are important parts of accelerating the circular economy.”
Through Apkudo, companies such as mobile carriers can build device trade-in experiences for their customers. Apkudo handles things like device grading and pricing. But you can also run tests, whether in the lab or in the field.
Matthews said Apkudo uses AI for a variety of tasks, including predicting which retailers, shipping hubs, and distribution centers are most likely to lose or steal devices. During inspection, Apkudo’s algorithms try to distinguish dirt, scratches, chips and cracks in order to assess the overall health of the device.
“Apkudo is a way for all players in the connected device supply chain to get real-time answers to questions about device inventory, quality and pricing, not just within their own organizations, but across our global partner network.” Matthews said. “Instead of raising a huge amount of venture capital and then expecting to find a product his market his fit, the Apkudo platform efficiently solves the needs of the most sophisticated buyers. We have built capital.”
Apkudo’s customers include big names like FedEx, T-Mobile and Asurion, and Matthews said the company’s customer base has grown 30% since February last year. He did not disclose revenue figures, but did reveal that annual recurring revenue for his 180-employee Apkudo grew about 141% year-over-year.
What is strengthening the business is undoubtedly the widespread increase in demand for supply chain management solutions. Global sales of supply chain management software are projected to grow from $14.3 billion in 2019 to $24.5 billion in 2025, according to Markets and Markets. That is despite the fact that VC funding for supply chain startups is showing signs of waning.
