The New Zealand Super Fund, a $38 billion fund backed by the New Zealand government, has made a $65 million investment in Atlanta-based Rubicon Global, an international cloud-based, full-service waste and recycling company focused on sustainability.

The investment is part of what the company will soon authorize with the U.S. Securities and Exchange Commission as a $140 million round of financing.

Recode has more information:

The sovereign wealth fund of New Zealand is making a rare direct investment into a U.S. startup, sending $65 million into the trash-and-recycling startup Rubicon Global.

The NZ Super Fund, a $38 billion fund backed by New Zealand’s government, told Recode on Thursday that it would make an investment in the Atlanta-based company. Rubicon was valued at more than $1 billion prior to this deal, its CEO has said.

It’s part of what Rubicon will soon authorize with the SEC to be a $140 million round of financing, $50 million of which Rubicon announced last year.

Read the full story here.