Recyclebank is on a roll.
The New York-based company that rewards people for recycling their household garbage last week announced a $20 million strategic investment from Waste Management, the nation’s largest trash hauler.
As part of the investment, Waste Management said it expects to provide access to Recyclebank’s green rewards program to its nearly 20 million customers in North America.
Currently, Recyclebank has about three million members, so this is a big deal.
But there’s more to the story, as I learned last week when I interviewed Jonathan Hsu, Recyclebank’s CEO, at the GreenBiz Innovation Forum in San Francisco.
Recyclebank has bigger ambitions than turning trash to cash. It’s seeking to become a Internet marketing platform that will reward people for engaging in more environmentally friendly behavior. Its members will be able to earn rewards points by using energy more efficiently at home, reducing water usage, by buying greener products, even by walking to work instead of driving.
This makes Recyclebank a very interesting company to watch, because it is betting big on the green consumer–a risky but promising strategy. [click to continue...]