RoadRunner Recycling, a Pittsburgh, PA-based technology platform built for commercial recycling, raised $28.6m in Series C financing.
The round was co-led by e.ventures and Greycroft with additional participation from Franklin Templeton and existing investors Adams Capital Management and FJ Labs.
The company intends to use the funds to double the size of its current team, invest in its AI/machine learning technology, and continue its U.S. expansion in current markets and launch in up to 10 new markets, including Austin, Phoenix and San Diego. In conjunction with the funding, King Goh, Principal at e.ventures Growth, will join RoadRunner’s Board of Directors.
Founded in 2014 by Graham Rihn, CEO, RoadRunner developed a solution that uses proprietary data, marketplace dynamics, and AI/ML to drive customer cost savings, increase national recycling rates and improve service standards. Since its launch, the company has surpassed 5,000 customers, facilitated the completion of 40,000 recycling routes, saved $20 million for its customers, and diverted more than 100,000 tons of recyclables from landfill. RoadRunner currently operates in 10 markets including Pittsburgh, Philadelphia, Washington D.C., Baltimore, Houston, Chicago, Detroit, Dallas, San Antonio and Cleveland.