ControlZ, a brand in premium renewed smartphone segment has announced that it has raised $3 million in its seed funding. The round was co-led by 9 Unicorn and Venture Catalysts. This funding is a combination of debt and equity.
The start-up will utilise the freshly raised fund to fortify its automation excellence, it added in a press statement. The brand aims to strategically deploy this capital injection to drive growth and bring in advancements in the overall ecosystem with the core objective of further elevating the quality of its products and reducing costs for its customers.
“We are thrilled to have secured this key funding from our investors. With this development, we are certain about raising the overall industry standards,” said Yug Bhatia, founder and CEO of ControlZ. “This funding is not only a significant milestone for ControlZ, but it also represents a shared belief in our ambition to organize the pre-owned smartphone industry. With these resources, we aim to further strengthen our technology by automating the complete renewal process. Our efforts are towards increasing the lifecycle of as many devices possible because if a fraction of the resources used in making new phones were used in renewing, the world would be a better place,” he continued.
Dr Apoorva Ranjan Sharma, co-founder and managing director, of Venture Catalysts, stated, “Our investment in ControlZ asserts and strengthens our commitment as an investor to helping scale startups working in the sustainable sector. ControlZ is making a massive impact on the environment by helping reduce e-waste in the $70 billion pre-owned smartphone segment. We expect ControlZ to be a market leader in the segment in the next three years with their advanced facility for premium brands thus accelerating their positioning in this fast-growing sector while making an impactful environmental difference.”
Founded by Bhatia, ControlZ specialises in the component-level renewal of pre-owned devices, providing consumers with an as Good as a new experience. Unlike other refurbished devices, the company focuses on renewing both cosmetically and functionally, increasing its life cycle and ultimately reducing the carbon footprint of smartphone manufacturing, which is believed to be over 85-95 per cent of a device's annual carbon footprint.
