RoadRunner Recycling, a Pittsburgh-based technology platform built for commercial recycling, has raised a $28.6 million Series C financing round. The round was co-led by e.ventures and Greycroft, with additional participation from Franklin Templeton and existing investors, Adams Capital Management in Pittsburgh and FJ Labs.
The funds will be used to double the size of the company’s current team, invest in its artificial intelligence/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 addition to funding, e.ventures Growth Principal King Goh will join RoadRunner’s board.
Founded in 2014, RoadRunner has developed a solution that infuses technology into the waste industry using proprietary data, marketplace dynamics, and AI/ML to drive customer cost savings, increase national recycling rates and improve service standards.
The company has more than 5,000 customers and has facilitated the completion of 40,000 recycling routes, saving $20 million for its customers and diverting 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.
PJT Partners LP served as financial adviser and placement agent to RoadRunner in connection with the Series C capital raise.