Following a $1 million raise, a reverse supply chain startup is looking to deepen its roots in Atlanta’s tech ecosystem.
PrologMobile received the funding from Atlanta-based inclusive investment firm Valor Ventures. The company aims to grow its Atlanta-based staff. Of the company’s 13 employees, only one is in Atlanta. It plans to add 10 marketing and sales support jobs in Atlanta by the end of next year.
PrologMobile provides data so systems can understand the value of used phones once the devices are ready to be redistributed. Its professionals work remotely around the world, but its talent focus is Atlanta. Many of the company’s customers are based in the city.
The company also plans to partner with the Georgia Institute of Technology to expand internships.
The internships are part of Georgia Tech's undergrad co-op program, where students trade one academic semester to do paid practical work directly related to their major. It's the largest optional co-op program in the U.S. and ranked among the best, according to the school. The company’s partnership with Georgia Tech would likely begin in the spring or summer of next year, said PrologMobile CEO and co-founder Seth Heine.
“We’re realizing that as we grow, one of the great ways to expose ourselves to talent is through internships, or at least create interesting learning experiences for people,” Heine said.
Internships at Georgia Tech expose students to careers with Atlanta companies, making it less likely they will leave the city or state for opportunities elsewhere, said associate director of Georgia Tech’s Create-X program Rahul Saxena. Robin Beinfait, founder of collaborative workspace Atlanta Tech Park and general partner at Valor Ventures, will be joining PrologMobile's board of directors. The company looks to leverage Beinfait’s Georgia Tech’s connections.
About the company
The decision to anchor the company in Atlanta was influenced by its telecommunications industry. Some of the largest telecom businesses with a presence in the city include Cox Enterprises, Verizon Communications Inc. and AT&T Inc. Heine’s first business, phone refurbishing company CollectiveGood, Inc., also started in Atlanta.
The phone reverse supply chain market is estimated at roughly $35 billion, said Heine. The company’s system supports approximately 2 million phones a month and has grown from 300% to 500% a year since inception.
“People are not keen to go buy $1,500 phones," Heine said. "The used phone market is growing at about 13.5% annually and the new smartphone market is contracting at a couple points a year."
If the U.S. economy slips into recession, Heine said, the reverse supply chain for used mobile phones will continue to grow.
