Recyclebank®, a New York City-based company that operates a sustainable action platform that motivates individuals to make a collective impact on the environment, has closed a $14m extension to its Series C financing.
Physic Ventures has joined existing backers Generation Investment Management, Kleiner Perkins Caulfield and Byers, Paul Capital Investments, RRE Ventures, Sigma Partners and The Westly Group. This investment brings the total amount raised by the company in Series C financing to $47m.
Recyclebank intends to use the new funds for product development, enhancements to its online green action platform and expansion into new communities and areas of sustainability.
Led by CEO Jonathan Hsu, the company partners with municipalities, haulers, small businesses and corporate brands to incentivize green actions (including recycling, reusing and reducing energy usage) with points that can be redeemed for discounts and rewards.