Municipal / IC&I
RoadRunner Recycling receives $20M in funding from Fifth Wall
RoadRunner will use the Series D extension round to expand the commercial property industry's sustainability and recycling options using modern technology.
Photo courtesy of Dreamstime
Posted by Bob Gaetjens | November 16, 2022
RoadRunner Recycling, a leader in comprehensive sustainable waste management, has announced the close of $20 million in a Series D extension round led by Los Angeles-based Fifth Wall. The financing will support the continued growth of RoadRunner's core business, expanding its enterprise offering and doubling down on its investment in technology.
In January 2022, RoadRunner, headquartered in Pittsburgh, closed a $70 million Series D round and in October acquired Compology, a large, global waste and recycling smart metering technology company. This has positioned RoadRunner as one of the most comprehensive and sustainable waste management solutions firms looking to work with businesses and governments to seamlessly increase recycling rates, reduce costs and accurately report on environmental impact.
Nearly 40 percent of global carbon dioxide emissions come from the real estate sector where significant changes are essential to reduce greenhouse gas emissions, a critical component of global climate goals. RoadRunner says it has been able to seamlessly increase a property's recycling rates by 10 times, and, in turn, reduce the associated carbon footprint.
"We're thrilled to work alongside Fifth Wall to drive carbon emissions reduction at scale for some of the world's most prominent owners and operators," RoadRunner founder and CEO Graham Rihn says. "Our comprehensive, data-driven approach to waste management brings optimization, transparency and sustainability to a traditionally overlooked and forgotten part of an organization's supply chain."
In July, Fifth Wall announced the close of its $500 million Climate Fund, the largest private fund formed to decarbonize the real estate industry. Its investment in RoadRunner is a testament to the need for a comprehensive sustainable waste and recycling solution for real estate owners and operators seeking climate technology to reduce their emissions.
"RoadRunner's digitally enabled platform is a one-stop-shop for its customers to recycle more while spending less, which is fundamental to bringing the built world one step closer to achieving aggressive and essential decarbonization and net-zero initiatives," says Jennifer Place, principal on The Climate Technology Investment Team at Fifth Wall. "Our robust limited partner network represents some of the world's most notable global owners and operators of real estate who will undoubtedly benefit from [Roadrunner's] game-changing approach to driving greater landfill diversion."
In a market where growth has been challenging, RoadRunner has a proven formula that is solving a challenge prevalent for all businesses. RoadRunner has grown 70 percent year over year and expanded across the United States into eight new markets. It has more than doubled its employee headcount, totaling nearly 600 employees with more growth expected.