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Consumer electronics recycler Second Rotation Inc. announced this morning it is raising a Series C round of financing, led by new investor Physic Ventures, a health-focused investment firm in San Francisco. Existing investors Venrock Associates and RockPort Capital are returning to participate in the round, which is pegged at $12 million, the Boston company reported in a press release this morning.
Second Rotation, which does business as Gazelle, reports a 300-percent increase in sales in 2009 over 2008, and says it will use its new financing to expand its “business infrastructure,” and make additional investments in its pricing technologies and “processes that continue to enhance the customer experience.”
The company also said it will work with “existing retail partners” on developing an in-store experience.
The $12 million financing will bring Second Rotation’s total outside investment to at least $22.4 million. Its last round, closed in November, 2008, brought in Boston-based RockPort to join initial investors Venrock on a $6 million Series B round.
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