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SECOND ROTATION SECURES $6 MILLION IN NEW VENTURE FUNDING
Series B Funding Validates Gazelle.com and reCommerce Marketplace
Second Rotation, the company behind the online service Gazelle (www.gazelle.com), today announced a $6 million round of funding led by RockPort Capital Partners, one of the largest venture capital firms focused on clean technology investments. The Series B funding includes previous investors Venrock Associates and angel investors Austin Ligon and Henry Vogel. The investment validates Gazelle's effectiveness in providing consumers with an easy, fast and safe way to get cash for their unwanted electronics or support responsible recycling. The capital will primarily be used to further develop Gazelle by investing in new technology and product enhancements. Additionally, funds will be leveraged for branding and marketing opportunities.
'Despite the current economic climate, we believe in supporting companies that are poised to bring to market practical solutions to the world's most pressing problems,' said Alexander 'Hap' Ellis III, general partner at RockPort Capital Partners. 'Second Rotation's reCommerce business model is well positioned for successful consumer adoption and profitability based on its fundamental drivers: cash rewards, convenience and environmental responsibility.'
reCommerce is an economic model that rewards consumers for efficient consumption. By providing a quick and easy way for consumers to get a guaranteed price for the products they no longer use or need, Gazelle enables consumers to participate in reCommerce more efficiently. Gazelle does the work of finding new owners for functional products or, as a last resort, guides them through the appropriate channel for recycling so that unwanted products do not end up in landfills. Gazelle provides a no-risk, eco-friendly and economically rewarding option for consumers who are intimidated by or weary of the complexities and inefficiencies of traditional peer-to-peer selling or recycling options.
'Our objective from the beginning has been to promote efficient consumption through reCommerce,' said Rousseau Aurelien, founder & CEO of Second Rotation. 'With the average U.S. household containing approximately 24 consumer electronics, this new round of funding confirms our belief that the market for reCommerce is vast, sustainable and environmentally essential. As more consumers decide to get rid of their unwanted gadgets, Gazelle will continue to be a long-term partner in helping them navigate and benefit through reCommerce.'
To date, thousands of consumers have sold their cell phones, MP3 players, laptops, or other gadgets through Gazelle, all while being green and feeling good about it. For more information on how consumers can sell or responsibly recycle their unwanted consumer electronics, please visit www.gazelle.com.
ABOUT SECOND ROTATION
Founded in 2006, Second Rotation, the company behind Gazelle (www.gazelle.com), is committed to providing an easy, fast, and safe way for consumers to get cash for selling unwanted electronics or to recycle them responsibly. To date, thousands of consumers have used the service as a way to clean out closets, get cash and help out a good cause. In addition, Gazelle empowers consumers to avoid time consuming and risky online experiences associated with peer-to-peer selling. Consumers can rest assured that all personal information is thoroughly removed from their item while benefitting from conveniences like free shipping and packaging. Based in Boston, Second Rotation is led by a group of consumer Internet veterans from companies like eBay, BuyerZone and Fairmarket and is backed by venture capital firms Venrock Associates and RockPort Capital Partners.
PRESS CONTACTS:
Colleen Wickwire
SHIFT Communications
(415) 591-8414
cwickwire@shiftcomm.com