Recycle Track Systems Inc. (RTS), a waste and recycling management provider based in New York, has announced a $35 million investment as part of its commitment to redefine materials management and develop zero-waste programs for a more sustainable future. The Series C Funding was provided by the Citi Impact Fund by investment bank Citigroup in New York.
“To overcome the challenges posed by the climate crisis, innovation is needed,” says Gregory Lettieri, co-founder and CEO of RTS. “With Citi’s partnership, we will continue to revolutionize the waste management space by focusing on the circular economy and finding ways to save waste from landfills and repurpose it for future use. We look forward to working with Citi’s Impact Fund to push to support technology that enables greater sustainability and their recognition of the value RTS has brought to the waste industry.”
According to a news release from RTS, the company hopes to help businesses and communities understand their environmental impact. The company says it provides clients real-time data to know where their waste is going. RTS’ network of providers is fitted with proprietary technology that tracks where waste is being processed and ensures it goes to the proper facility. In partnership with its recycling and reuse vendors, RTS diverts tons of valuable material from entering landfills so they can be remade into new materials.
The company says in the last year, it has expanded its position in the industry with 550 percent growth in its residential business. The company currently serves more than 150,000 residents and 2,000 businesses across the country. This year, RTS tripled the number of municipalities served in New Jersey and plans to continue to grow the number of municipalities it serves across the country.
“RTS is challenging the status quo in the waste management industry by providing a way for individuals, businesses and communities to actively manage their waste and recycling away from landfills,” says Ed Skyler, head of global public affairs at Citi. “Our investment in RTS aligns with our broader commitments to accelerate the transition to a low-carbon economy.”
RTS also received investment from Edison Partners, Cue Ball, Greenspring Associates, Gaingels and the Partnership for New York City, a nonprofit organization advancing New York’s standing as a global center of commerce, innovation and economic opportunity. Previous investment rounds were led by Volition Capital and Greenspring Associates.