New Zealand’s sovereign wealth fund, NZ Super Fund, has invested NED$93mn (US$65mn) into the US startup, Rubicon Global.
The Atlanta-based startup is a cloud-based waste and recycling firm that describes itself as the “Uber for trash”.
Rubicon Global creates a connecting platform for independent waste removers, as well as working on smart city waste and recycling developments.
Prior to the deal, the firm has been valued at US$1bn, according to its CEO.
“It’s pleasing to be able to leverage our timeframe, scale and diversification to support growth companies such as Rubicon that, while established from a technology point of view, are pre-IPO,” stated Mark Fennell, Acting Chief Investment Officer of NZ Super Fund.
“As a long-term investor, the NZ Super Fund is able to invest in high growth companies with a view to realizing long-term potential.”
“These expansion capital investments are an important part of our investment mix because they can help drive long-run returns.”
“This particular investment also aligns with the Fund’s strategy to identify investments that have the potential to benefit from the global transition to a low-carbon economy.”
“Rubicon, which aims to divert waste from landfills and reduce greenhouse gas emissions, has strong sustainability credentials and complements our climate change investment risk strategy.”
“As a company with a deep commitment to sustainability, Rubicon is proud to be backed by the NZ Super Fund, one of the world’s best performing sovereign wealth funds and a global leader in responsible investment,” commented Michael Allegretti, Senior Vice President of Strategic Initiatives at Rubicon Global.
“We share their belief that environmental, social and governance factors are material to long-term financial returns and look forward to adding value to the Fund.”