New York City, NY (PRWEB) February 22, 2011
Recyclebank®, the sustainable action platform that motivates individuals to make a collective impact on the environment, today announced it has closed a $14 million extension to its Series C round of investment. The new funding will be used to support product development, enhancements to Recyclebank’s online green action platform and the company’s continued expansion into new communities and areas of sustainability. Physic Ventures joins existing Recyclebank investors, Generation Investment Management, Kleiner Perkins Caulfield and Byers, Paul Capital Investments, RRE Ventures, Sigma Partners and The Westly Group, and brings the company’s total Series C financing to $47 million.
“Physic Ventures is delighted to lead this investment and partner with the Recyclebank team. The company’s model and mission are compelling from a business, consumer and environmental perspective,” said Will Rosenzweig, managing director at Physic Ventures. “This investment will help the company have an even greater environmental impact by expanding its sustainable action rewards program to additional individuals and communities throughout the U.S. as well as internationally.”
Physic Ventures invests in companies developing products and services that enable consumers to adopt healthier and more sustainable lifestyles. Encouraging consumers to Reduce, Reuse, and Recycle is a leading theme in Physic’s Sustainable Living investment practice. Recyclebank joins a number of innovative consumer-facing sustainability companies in the Physic portfolio, including Gazelle, the leading consumer electronics reCommerce company; EnergyHub, a supplier of residential energy efficiency solutions; and GoodGuide, a provider of information on the health, environmental and social impacts of consumer products.
“We’ve seen firsthand how small steps can have a huge collective impact on the environment,” said Jonathan Hsu, CEO of Recyclebank. “The opportunities to reward individuals for their green actions both in their homes and in their communities are endless. The additional funding will enable us to extend our product offerings and consumer reach, and offer even more ways to motivate people to live a more sustainable lifestyle.”
ABOUT PHYSIC VENTURES
Physic Ventures (http://www.physicventures.com) is the first venture capital firm dedicated to investing in keeping people healthy by providing capital and expertise to science-based, consumer-driven health and sustainable living companies. The firm's strategy is to capitalize on major economic, social and political trends shaping the landscape of personal and planetary health.
Recyclebank is the leading environmental social platform that realizes the collective impact of individual action. Through its digital offerings and partnerships with municipalities, haulers, small businesses and corporate brands, Recyclebank incentivizes green actions with points that can be redeemed for discounts and rewards. By educating, engaging and empowering its community online and offline, Recyclebank aims to encourage a more sustainable lifestyle by increasing household recycling, reducing household energy usage and motivating individuals and communities to take other environmentally preferred actions. Recognized as a Technology Pioneer by the World Economic Forum, a Champion of the Earth by the United Nations Environment Programme, and for Outstanding Excellence in Public/Private Partnerships from the U.S. Conference of Mayors, Recyclebank is headquartered in New York City. For more information, visit http://www.Recyclebank.com.