US-based environmental company Recycle Rewards has extended by $14m the series C round for its Recyclebank subsidiary after Physic Ventures, a venture capital (VC) firm backed by consumer goods companies Unilever and Pepsico, joined the consortium.
Will Rosenzweig, managing director at Physic Ventures, said: "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’s Sustainable Living investment group had previously invested in Gazelle, a consumer electronics company; EnergyHub, a supplier of residential energy efficiency services; and GoodGuide, a provider of information on the health, environmental and social impacts of consumer products.
Physic Ventures joined VC peers Generation Investment Management, Kleiner Perkins Caufield and Byers, Paul Capital Investments, RRE Ventures, Sigma Partners and Westly Group in the consortium providing $47m in aggregate for the C round.
However, the company’s previous announcement in April 2008 showed $30m was raised for its B round and an undisclosed amount for the A round in May 2007.
The C round extension follows the hire in October of Jonathan Hsu as Recyclebank’s chief executive after his role in the same post at 24/7 Real Media, part of advertising company WPP.