THANK YOU FOR SUBSCRIBING
Roadrunner will use the funds to double the size of the company's current team and invest in its high-class AI/machine learning technology
Fremont, CA: RoadRunnner Recycling, an innovative technology platform that creates and manages end-to-end waste & recycling solutions for businesses, announced the closure of $28.6 million Series C round of finance. Greycroft and e.ventures co-led the round of financing with additional participation from existing investors, including FJ Labs and Adams Capital Management. Franklin Templeton also infused funds.
Roadrunner plans to use the funds to double the size of the company's current team and invest in its high-class AI/machine learning technology. The company will continue expanding its market in the U.S. and may launch in up to 10 new markets, including Phoenix, San Diego, and Austin. Post the funding, King Goh, Principal at e.ventures Growth, will join RoadRunner's Board of Directors.
Stay ahead of the industry with exclusive feature stories on the top companies, expert insights and the latest news delivered straight to your inbox. Subscribe today.
[vendor_logo_first]"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," said Graham Rihn, RoadRunner founder, and CEO. "We want to provide businesses everywhere with a more effective and cost-efficient option for recycling. We're a trusted partner to our clients, as evidenced by our strong retention rates, and our goal is to help them achieve enduring success in sustainable waste stream management. This new capital will allow us to accelerate the growth of the company and empower businesses to be the catalyst for driving better sustainability in our cities and ultimately, the world."
RoadRunner was founded in 2014 in a quest to find a better way for businesses to recycle at scale. Identifying a substantial difference between the market demands and existing service offerings from the waste industry, the company developed a solution that introduces technology into the industry using proprietary data, AI/ML, and marketplace dynamics to increase national recycling rates, drive customer savings, and improve service standards.
"RoadRunner has a clear vision for what the future of recycling will look like and has built an impressive offering driven by technology and deep recycling industry expertise," said Mathias Schilling, managing partner at e.ventures. "We're confident that the next chapter will further establish RoadRunner as the innovative leader in the recycling and waste management space, and we look forward to working with RoadRunner and supporting its continued growth in a $70 billion market."
The company has made tremendous progress since its launch. In a short amount of time, it surpassed 5,000 customers, facilitated the completion of 40,000 recycling routes, diverted more than 100,000 tons of recyclables from landfill, and saved around $20 million for its customers. RoadRunner, on average, is able to increase a single customer's recycling rates by 10x and recycles 8.6 tons of materials annually. Presently, RoadRunner operates in 10 markets, including Baltimore, Chicago, Cleveland, Dallas, Detroit, Houston, Philadelphia, Pittsburgh, San Antonio, and Washington D.C.
See also: Top Artificial Intelligence Companies
More in News