RecycleBank, a Philadelphia company that rewards people for recycling at home, said it has raised $13.1 million in a first round of funding.
RRE Ventures and Sigma Partners were the investors in the three-year old company.
Here’s the press release, and a snippet:
RecycleBank presents a business solution to an enduring environmental problem. The company provides municipalities the ability to dramatically increase recycling rates and gives its national and local marketing partners a unique and powerful set of online and offline opportunities. The household adoption rate in communities where the RecycleBank is instituted averages 80-90 percent…
…RecycleBank’s winning strategy is largely dependent on the important and lasting relationships it shares with the waste disposal companies that are on the front lines. RecycleBank currently has partnerships with several haulers and that number will grow now that current expansion plans are under way. “Participating haulers stand to gain both customer loyalty and market share along with the good will they get by improving the environment,” said Greg Howarth, Pennsylvania Independent Haulers Association. “Any program that helps them to decrease disposal fees and gain recycling revenues offers bottom line benefits that are hard to refuse.”
Another secret to the firm’s growth and interest involves the program’s plans to expand their already impressive list of retail partners like Whole Foods and Coke to offer recyclers many more ways to cash in their rewards. RecycleBank has over 300 reward partners that accept RecycleBank Dollars. This next level of funding will ensure RecycleBank can deliver significant consumer access in many more markets – therefore, broadening its advertising appeal.