Philadelphia-based RecycleBank, which teams with municipalities to provide incentives for residential recycling, has banked another $28.25 million, according to an SEC filing.
In separate news, RecycleBank also announced a partnership with the re-commerce firm Kashless.org to create the Kashless Rewards program for consumers recycling items online. The value of this deal has not been disclosed.
Founded in 2004, RecycleBank (a subsidiary of Recycle Rewards) has raised more than $73 million, with investors including RRE Ventures, Sigma Partners, Kleiner Perkins and the Westly Group. RecycleBank plans to award recycling points that can be redeemed for discounts or gift cards or donated to charities and other groups.
Municipalities involved in the RecycleBank program pay the company a portion of the money they save on landfills. Residents get special bins with RFID tags so recycling trucks can identify each customer, weigh the contents of the bin, and award points accordingly.
Kashless Rewards is an extension of this plan: users will earn points for posting items for reuse on the online marketplace. The points can be redeemed through RecycleBank’s program