T-Venture backs Teqcycle Solutions

Majority shareholder Barkawi Group and Teqcycle's management joined T-Venture in the financing round. The capital will be used to further expand the business as well as to help increase public awareness for mobile phone trade-in opportunities.

T-Venture is a wholly owned subsidiary of Deutsche Telekom and focuses its investments on companies providing economic and technological synergies for the Deutsche Telekom business units in Europe, the US and Israel.

Company
Headquartered in Munich and founded in January 2013 as a spinout of Teqport Services, Teccycle provides a mbile device trade-in and re-use programme, claiming to offer full transparency on the refurbishment and resale process. The app- and web-based solution allows users to calculate the trade-in value of a mobile phone.

Deutsche Telekom has been partnering with the company for several years as part of its customer service initiatives. Other customers include retailers, large corporations and government bodies.

People
Thomas Vogel led the deal for T-Venture. Sebastian Neubeck is the managing director of Teqcycle.

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• Topics
• DACH
• Expansion
• Technology
• T-Venture
• Germany