Apkudo, a startup that focuses on providing better transparency for all stages of the supply chain around connected devices, has closed on $37.5 million in Series C funding.

The oversubscribed round was co-led by Closed Loop Partners’ Leadership Fund and Piper Sandler Merchant Banking, with participation from MissionOG, Harbert Growth, Grotech Ventures, Lavrock Ventures, and Point Field Partners.

The round will support Apkudo’s continued mission of helping businesses to make informed decisions about their devices — from the launch phase through forward logistics (the process of items going from manufacturers to consumers), return processes and, ultimately, the reuse and recycling of devices at their end-of-life.

Headquartered in Baltimore, MD, Apkudo has continued its rapid growth and doubled revenue as industry players increasingly look for ways to simplify and optimize their forward and reverse logistics for connected devices like mobile phones, tablets, laptops, wearables and other products.

The Apkudo Circular Industry Platform solves issues in the connected device supply chain through a single operating system that manages the lifecycle of these devices.

“The Apkudo Circular Industry Platform is transformative in its approach to connecting industry participants and optimizing these outcomes for each and every device that moves through it,” said Co-founder and CEO Josh Matthews.

Martin Aares, head of asset management at Closed Loop Partners, emphasized the sustainability piece of Apkudo’s mission, pointing out that less than 20% of electronics are collected, refurbished or recycled worldwide — translating to an estimated $50 billion in lost value each year.

“Increasing their useful life and keeping these valuable materials in circulation, and out of landfills and the environment, is a critical part of accelerating the circular economy,” noted Aares.