- RoadRunner Recycling — a leading technology-driven company transforming the traditional waste and recycling sector — announced it raised $10 million
RoadRunner Recycling — a leading technology-driven company transforming the traditional waste and recycling sector — announced that it closed its oversubscribed Series C round with a $10 million total investment from Avery Dennison and Valo Ventures.
This funding round comes on the heels of the original Series C funding round of $28.6 million led by e.ventures and Greycroft in March 2020. And in addition to the receipt of funding, Jeroen Diderich (vice president and general manager of Label and Graphic Materials North America at Avery Dennison) will join RoadRunner’s board as an observer.
The funds from the investments will be used to support the continued expansion of RoadRunner and its end-to-end waste and recycling management services to at least 10 new markets across the US. And the funding will be applied to further the development of its AI/machine-learning technology and grow internal teams to amplify the company’s goal of transforming how U.S. businesses recycle.
RoadRunner Recycling’s journey started in 2014 when founder and CEO Graham Rihn became obsessed with the growing issue that was America’s broken recycling system. And in an effort to address the massive void between market demands and the existing waste industry’s service offerings, RoadRunner endeavored to develop an effective solution to help businesses recycle more efficiently, at scale while lowering costs.
Along with Avery Dennison’s $5 million investment, RoadRunner has partnered with the company to develop a customized pilot program — utilizing its technological capabilities and operational capacity, to support Avery Dennison’s aggressive zero-waste goals.
So far, RoadRunner has raised a total of $59.1 million, expanded to serve more than 6,000 customers, and has helped businesses divert about 130,000 tons of waste from landfill while also increasing recycling rates by 10x their average and saving more than $20 million on recurring waste and recycling costs. And in its next chapter, RoadRunner will continue investing in its team and technology to advance its sustainable waste and recycling management solution for businesses in new and existing markets.
KEY QUOTES:
“We see these investments as an endorsement of our vision, from two world-class organizations, to upend the outdated and inefficient recycling sector through our unparalleled technology, services, and industry expertise.” He continued, ”We are especially excited to have a forward-thinking, global leader like Avery Dennison not only align with our mission enough to invest but also to choose us as a partner to contribute to the company achieving its sustainability goals.”
— RoadRunner founder and CEO Graham Rihn
“This investment represents Avery Dennison’s ongoing commitment to sustainability and helping solve the matrix byproduct recycling challenge. With RoadRunner Recycling’s technological capabilities and their unique approach to smarter recycling, we are confident we will find new opportunities to help our customers meet their zero waste-to-landfill goals.”
— Jeroen Diderich, vice president and general manager, Label and Graphic Materials North America
