Digital supply chain and reverse logistics provider Onepak announced that it has raised $20 million from the Private Equity Impact team at asset manager Nuveen, aimed at developing and scaling its platform for facilitating e-waste circularity. UN’s Global E-waste Monitor reports that e-waste management globally prevents 93 billion kg of CO2-equivalent emissions: 41 billion kg in the form of refrigerants in temperature exchange equipment, and 52 billion kg through the lower greenhouse gas emissions generated by recycling metals versus mining. Since its inception in 2005, Onepak has facilitated the return of more than 2 billion pounds of devices on behalf of more than 200,000 customers. The company’s online logistics platform, ReturnCenter, connects businesses and consumers with a network of providers who can reuse, repair, resell, or recycle their obsolete IT products. The platform manages the movement, redeployment, data destruction, disposal, and end-to-end chain of custody of used electronic devices from businesses and consumers The investment represents the first investment in the Nuveen Climate Inclusion Fund II, focused addressing sustainable development challenges including climate change and inequality.
Nuveen announced in July that it had raised its first round of nearly $200 million in commitments. Nuveen’s private equity support team focuses on disruptive businesses that reduce waste and emissions, use sustainable resources, and provide access to valuable products and services to customers who using. If not, they will expand and reduce costs.