Our comments and trackback policy You Link We Follow, You Comment We Promote

Techforward, a Los Angeles based company that allows users to recoup the value of their consumer electronics devices via trade-ins, has raised an undisclosed amount in Series A funding from First Round Capital. The funding will be used to expand the reach of the company’s Guaranteed Buyback product through partnerships with leading retailers and manufacturers of consumer electronic devices.

Guaranteed Buyback of products is beneficial to the users because it reducs the cost of their next device, a laptop for instance and contributes to the environment by ensuring that the previous device is properly re-cycled. If you have a new or used laptop you could go to the TechMyLife website and enter the specifications of the laptop. The system will generate a buyback plan for you enumerating the buyback price if you wish to sell it in 6 months, 12 months, 18 months or 24 months from now. The buyback guarantee will cost you around $50-$70 but will ensure that you don’t have to bother about selling the laptop later on.

Merchants and device manufacturers benefit by an increased purchase frequency, as the service sends regular upgrade reminders just before each expiration period, creating a sense of urgency among the consumers to utilize their option or face a diminished buyback price. The system could result in a 350% increase in sales for merchants by replacing a 3.5 year upgrade cycle with a 1 year cycle. Merchants are also likely to experience increased customer loyalty, by up-selling new devices to consumers at the time the upgrade decisions are made.

Some other investments from First Round Capital, that we have reviewed are here.