Recycle Rewards, whose subsidiary Recyclebank rewards people for taking everyday green actions with discounts and deals from local and national businesses, has received a strategic investment of undisclosed amount from Waste Management (NYSE: WM).
With the investment, Texas-based sanitation and recycling company Waste Management has joined existing Recyclebank investors including RRE Ventures, Kleiner Perkins Caulfield and Byers, Sigma Partners, The Westly Group, Top Tier Capital Partners, Physic Ventures, Generation Investment Management, and Craton Equity Partners.
The investment aims to increase growth prospects for both companies and expands opportunities to motivate and mobilize more people to recycle through Recycle Rewards’ subsidiary Recyclebank
Waste Management expects to provide access to Recyclebank’s green rewards program to its nearly 20m North American customers over the next years. In addition, Recyclebank will assume Waste Management’s Greenopolis social recycling platform.
Led by , CEO Jonathan Hsu, Recyclebank offers rewards-for-recycling program in more than 300 communities in the United States and the U.K. Greenopolis’s web-based rewards catalog will be incorporated into Recyclebank’s rewards program of more than 3,000 local and national businesses to offer even greater incentives to its member base. Recyclebank will also assume management of the Greenopolis social media, including Greenopolis.com, RecyclePix and Oceanopolis, the Facebook game that uses social gaming to reward recycling in real life and the virtual world.
Led by president and CEO David Steiner, Waste Management provides collection, transfer, recycling and resource recovery, and disposal services. Its customers include residential, commercial, industrial, and municipal customers throughout North America.