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Alternative Energy - Tuesday, March 18, 2008

RecycleBank Raises $30M

Garbage recycling doesn't seem like ground-breaking territory to us but investors seem to see green here. Philadelphia-based RecycleBank has just close a $30M series B round led by Kleiner, Perkins, Caufield & Byers with return backers RRE Ventures and Sigma Partners. The company had raised a $13.1M Series A round.

The startup is applying a market-based solution to everyday garbage. The company’s mission is to promote environmentally conscious waste disposal by offering households incentives to recycle. By measuring the amount of material recycled, RecycleBank provides households financial incentives able to be used at hundreds of local and national RecycleBank rewards partners. Local government is benefited through reduced trash hauling/landfill costs, improved economic development, and success at exceeding environmental goals. Sounds wonderful but how do they make a living? Simple enough. Local corporations pay to become members.

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