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On the heels of acquiring Compology, RoadRunner Recycling announces funding from Fifth Wall to advance the commercial property industry's sustainability initiatives using modern technology
PITTSBURGH, Nov. 15, 2022 /PRNewswire/ -- RoadRunner Recycling, a leader in comprehensive sustainable waste management, today announced the close of $20 million in a 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.
Nearly 40% of global carbon dioxide emissions come from the real estate sector, and with emissions reductions a critical component of global climate goals, significant changes within the real estate sector are essential. To date, RoadRunner has been able to seamlessly increase a property's recycling rates by 10x, 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," 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.
For more information on RoadRunner and its services visit: https://www.roadrunnerwm.com.
About RoadRunner RecyclingRoadRunner Recycling is on a mission to elevate recycling in a world dominated by waste. The company provides customized and sustainable materials management solutions, supported by technology and engineered to serve thousands of commercial businesses from more than 20 industries across the country. RoadRunner leverages its proprietary technology and expertise to boost cost savings, improve recycling rates, streamline waste operations, and deliver an unparalleled customer experience that drives sustainability for the waste industry, and our world, forward. For more information on RoadRunner and its services visit: www.roadrunnerwm.com.
About Fifth WallFounded in 2016, Fifth Wall, a Certified B Corporation, is the largest venture capital firm focused on technology for the global real estate industry. With approximately $3.2 billion in commitments and capital under management, Fifth Wall connects many of the world's largest owners and operators of real estate with the entrepreneurs who are redefining the future of the Built World. Fifth Wall is backed by a global mix of more than 100 strategic limited partners (LPs) from more than 15 countries, including BNP Paribas Real Estate, British Land, CBRE, Cushman & Wakefield, Hilton, Host Hotels & Resorts, Ivanhoé Cambridge, Kimco Realty Corporation, Lennar, Lowe's Home Improvement, Marriott International, MetLife Investment Management, MGM Resorts, Related Companies, Starwood Capital, Toll Brothers, and others. Fifth Wall believes this consortium represents one of the largest groups of potential partners in the global Built World ecosystem, which can result in transformational investments and collaborations with promising portfolio companies.
For more information about Fifth Wall, its LPs, and portfolio, visit www.fifthwall.com.
Contact:
BAM on behalf of RoadRunner Recycling
roadrunner@bamtheagency.com
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SOURCE RoadRunner Recycling