Berlin-based phone-as-a-service provider ‘everphone’ announced that it has raised $200M (approx €177M) in a funding round led by Cadence Growth Capital (CGC). Deutsche Telekom, AlleyCorp, and signals Venture Capital also invested in the round.
Robin Cresswell, Head of Direct Lending DACH, Deutsche Bank, says, “As part of the circular economy, and with its aspiration to drive the digitalisation of a broad base of workers, everphone is leading the way into the future. In order to be able to provide the young Berlin-based company with sufficient capital for rapid growth, and at the same time meet the very agile phone-as-a-service model, we jointly developed a customised hybrid financing solution.”
The funding will enable everphone to up its acquisition game, product development, and the growth of the active device fleet. The company is also planning to expand its business further in Europe and the USA.
Jan Dzulko, CEO and founder at everphone, says, “The demand for our model is not only unabated, but it is also even increasing rapidly. The more companies understand that they should only use as many devices as they really need, the more we save the environment and valuable resources. My goal has always been for the circular economy to become widely accepted and we are doing our part. In short, I believe in using rather than owning.”