Onepak, a digital supply chain and reverse logistics platform that facilitates the flow of used IT hardware and e-waste for responsible repurposing, today announced it has raised $20 million from the Private Equity Impact team at Nuveen, the $1.2 trillion asset manager of TIAA. The investment represents the first in the Nuveen Climate Inclusion Fund II and aligns with Nuveen’s goal of driving an inclusive transition to a low-carbon, circular economy.
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Through its ReturnCenter platform, Onepak provides a turnkey solution for IT users and organisations of all sizes to return, recycle, resell, or relocate IT devices. The platform allows original equipment manufacturers, leasing organisations, resellers, and recyclers to seamlessly manage the movement, redeployment, data destruction, disposal, and end-to-end chain of custody of used electronic devices from businesses and consumers.
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Since inception, Onepak has facilitated the return of more than 2 billion pounds of devices on behalf of more than 200,000 customers. The company has been named to the Inc. 5000 three times, has twice received the G75 Inbound Logistics award for notable sustainability achievements in logistics, and recently received the 2024 IT Asset Management Solution of the Year by RemoteTech Breakthrough Awards.
Nuveen is a pioneer in impact investing, with a long track record of driving strong financial results and a positive influence for society’s most pressing problems. Nuveen’s Private Equity Impact team seeks to drive an inclusive transition to a low-carbon economy, targeting 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. Nuveen made its first impact investment in the 1980s and now manages over $1.1 billion in private equity impact capital.
“E-waste is one of the fastest growing waste streams globally, with only a fraction being reused or recycled properly,” said Steve Andon, Founder and CEO of Onepak. “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.”
“Onepak has developed a world-class platform and partner ecosystem to manage the complex reverse logistics needs of the electronics aftermarket,” said Ted Maa, Managing Director at Nuveen. “We are pleased to be working with Onepak—leveraging our experience growing a circular economy and climate-mitigating businesses—to create global impact by scaling the amount of e-waste that is diverted from landfills.”
About Onepak
Onepak bends the traditional linear supply chain into a digitised sustainable circle. ReturnCenter, the company’s flagship platform, connects shippers, receivers, and an international ecosystem of service providers on one scalable system. The company has sustainably executed product returns for a global customer base that features leading organisations such as Dell Technologies, IBM, United Technologies, Carrier, Diebold, General Motors, Toyota, USBank, and DLL Group.
