RoadRunner Recycling, a leader in comprehensive sustainable waste management, closed a $20 million Series D extension round led by Fifth Wall. The financing will support continued growth of RoadRunner's core business, expanding its enterprise offering, and doubling down on its investment in technology.
In January 2022, RoadRunner closed a $70 million Series D round and in October acquired Compology, the world's largest waste and recycling smart metering technology company. This has positioned RoadRunner as the most advanced, comprehensive, and sustainable waste management solution for businesses and governments looking to seamlessly increase recycling rates, reduce costs, and accurately report on environmental impact.
"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," said Graham Rihn, CEO and founder of RoadRunner. "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 fund is the largest private fund formed to decarbonize the real estate industry. Its investment in RoadRunner is a testament to the critical need for a comprehensive sustainable waste and recycling solution founded in modern technology and data, as owners and operators of real estate seek out climate technology to dramatically reduce the industry's 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," said 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 their game-changing approach to driving greater landfill diversion."
During a market that has proved to be difficult for growth, RoadRunner is driving forward with a proven formula that is solving a real world challenge prevalent for all businesses. RoadRunner has grown 70% year over year in addition to now adding financing through Fifth Wall. This year alone, RoadRunner closed its Series D, acquired leading smart waste metering company, Compology, expanded across the U.S. in eight new markets including Phoenix, Denver, San Diego, Portland, Kansas City, Providence, Charlotte and Nashville, and opened a second office in Phoenix, Arizona. It has more than doubled its employee headcount, totaling nearly 600 employees today and growing.