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.

Steve Andon, Founder and CEO of Onepak, said:

“E-waste is one of the fastest growing waste streams, globally, with only a fraction being reused or recycled properly.  By leveraging an extensive logistics partner ecosystem on our frictionless technology platform, Onepak addresses the pain points that prevent devices from being redeployed or receiving proper end-of-life treatment.  We look forward to partnering with Nuveen to further develop the functionality and reach of the ReturnCenter platform to meet the enormous global market need.”

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 the fund had reached its first close, with approximately $200 million of commitments. Nuveen’s Private Equity Impact team targets disruptive businesses that reduce waste and emissions, use resources in a circular manner, and expand access to and reduce the cost of basic products and services for underserved consumers.

Ted Maa, Managing Director at Nuveen, said:

“Onepak has developed a world-class platform and partner ecosystem to manage the complex reverse logistics needs of the electronics aftermarket. We are pleased to be working with Onepak – leveraging our experience growing circular economy and climate-mitigating businesses – to create global impact by scaling the amount of e-waste that is diverted from landfills.”