US – Commercial waste recycling provider RoadRunner Recycling has closed on a US$20 million Series D extension round led by Fifth Wall.

The financing will support the continued growth of RoadRunner’s core business, expanding its enterprise offering, and doubling down on its investment in technology.

The new capital comes after RoadRunner’s US$70 million Series D raise that it announced last January, which remains the region’s second-largest funding round for a local start-up in 2022.

RoadRunner’s total funding since its founding in 2014 by CEO Graham Rihn now sits at about US$149.5 million.

The financial backing together with the acquisition of Compology in October, has positioned RoadRunner as one of the most comprehensive and sustainable waste management solutions firms.

The company is looking to work with businesses and governments to seamlessly increase recycling rates, reduce costs and accurately report on environmental impact.

According to the annual global CO2 emission report, nearly 40 percent of global carbon dioxide emissions come from the real estate sector where significant changes are essential to reduce greenhouse gas emissions, a critical component of global climate goals.

RoadRunner says it has been able to seamlessly increase a property’s recycling rates by 10 times, 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 Rihn.

“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.”

Meanwhile, In July this year, Fifth Wall announced the close of its US$500 million Climate Fund, the largest private fund formed to decarbonize the real estate industry.

Its investment in RoadRunner is a testament to the need for a comprehensive sustainable waste and recycling solution for real estate owners and operators seeking climate technology to reduce their 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 [Roadrunner’s] game-changing approach to driving greater landfill diversion.”

In a market where growth has been challenging, RoadRunner has a proven formula that is solving a challenge prevalent for all businesses.

RoadRunner has grown 70 percent year over year and expanded across the United States into eight new markets.

It has more than doubled its employee headcount, totaling nearly 600 employees with more growth expected.

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