RoadRunner Recycling will also use funds to expand its US operations by entering into 10 new markets
RoadRunner Recycling provides custom recycling and waste solutions for commercial businesses (Credit: vkingxl from Pixabay)
RoadRunner Recycling, a provider of custom recycling and waste solutions, has secured $28.6m in Series C funding to expand its business operations.
The Series C financing round has been co-led by e.ventures and Greycroft, while participants include Franklin Templeton and existing investors such as Adams Capital Management and FJ Labs.
RoadRunner will use the funds to double the size of its current team and purchase an advanced AI/machine learning technology, as well as expand its US operations by entering into 10 new markets such as Austin, Phoenix and San Diego.
RoadRunner Recycling provides custom recycling and waste solutions for commercial businesses in over 20 industries
RoadRunner Recycling offers custom recycling and waste solutions for the commercial businesses in over 20 industries, including healthcare, manufacturing, education, retail and hospitality.
The company’s services comprise of cardboard recycling, paper recycling, mixed recycling, as well as waste services and compost services.
At present, RoadRunner provides its services in 10 US markets such as Pittsburgh, Philadelphia, Washington D.C., Baltimore, Houston, Chicago, Detroit, Dallas, San Antonio and Cleveland.
RoadRunner founder and CEO Graham Rihn said: “The future of waste and recycling will be defined by technology and innovation, not by continuing to enable a legacy system.
“RoadRunner proudly offers a better way for businesses to approach recycling and waste management, and given the challenges traditional haulers are increasingly facing, it’s a good place to be.”
PJT Partners acted as financial advisor and placement agent to RoadRunner Recycling on the Series C financing round.
Earlier this month, Total Fiber Recovery (TFR) announced the investment of $49m to set up its first pulp recycling facility in Chesapeake, Virginia of the US.
Set to begin operations in 2021, the Chesapeake facility will process 300,000 tonnes of mixed paper and other recycled fibre from the region’s materials recovery facilities (MRFs) per year.