RoadRunner Recycling of Pittsburgh has announced the closing of a $70 million Series D investment BeyondNetZero, the climate investing venture of growth equity firm General Atlantic, bringing RoadRunner’s total funding to date to $129.5 million.
RoadRunner says it has diverted more than 200,000 tons of material from landfills across more than 8,000 locations, saving its customers more than $50 million. The company’s technology platform predicts the volumes of different materials that are generated by different industries and which containers will most efficiently organize these waste and recycling streams. This enables RoadRunner to offer a customized plan that helps streamline waste and recycling operations across a portfolio, the company says, improving recycling rates and making sustainability goals measurable and achievable while also reducing costs and improving service.
With the Series D financing, RoadRunner, which was founded in 2014, says it will further develop its machine-learning and marketplace technology, grow its enterprise business offering, drive national expansion and support operations in more than 40 U.S. cities.
“We’re grateful for General Atlantic’s partnership and investment in our mission of developing an innovative and sustainable materials management company built on high-quality technology,” says Graham Rihn, CEO and founder of RoadRunner Recycling. “We believe that this next stage of growth will put RoadRunner on a course to achieve its vision of propelling the entire waste industry toward enduring change that protects our planet and our futures.”
“We founded BeyondNetZero to support innovative growth companies that are producing practical, tech-enabled climate solutions—like RoadRunner—and help them scale so they can accelerate the net-zero transition,” says Michael Bevan, the New York-based managing director on the BeyondNetZero team at General Atlantic. “We are thrilled to partner with RoadRunner and its management team as they strive to make sustainable waste management more affordable and achievable for businesses across the globe.”
Rihn says RoadRunner has considerable opportunity for growth. “Oftentimes, waste—and the mismanagement of it—can be an issue that flies under the radar for companies. But with the $80 billion industry reaching a tipping point from lack of innovation for decades, we’re here to show folks there is a better, more efficient way to manage materials and divert waste from landfills while keeping the planet, and your business, top of mind.”
About RoadRunner Recycling
RoadRunner 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:
The BeyondNetZero team seeks to invest in growth companies delivering innovative climate solutions and aims to help them achieve scale. BeyondNetZero looks to identify companies that have the potential to meet and exceed net zero emissions targets, with a focus on decarbonization, energy efficiency, resource conservation and emissions management. BeyondNetZero combines General Atlantic’s growth equity experience with a global team of proven climate investors, advisors and industry executives, including Lord Browne of Madingley, who serves as Chairman of BeyondNetZero. This diverse team of experts brings decades of experience in both addressing climate-focused problems and building pioneering growth companies. For more information on BeyondNetZero, please visit the website: https://beyond-net-zero.com/
About General Atlantic
General Atlantic is a leading global growth equity firm with more than four decades of experience providing capital and strategic support for over 445 growth companies throughout its history. Established in 1980 to partner with visionary entrepreneurs and deliver lasting impact, the firm combines a collaborative global approach, sector specific expertise, a long-term investment horizon and a deep understanding of growth drivers to partner with great entrepreneurs and management teams to scale innovative businesses around the world. General Atlantic currently has over $86 billion in assets under management inclusive of all products as of September 30, 2021, and more than 215 investment professionals based in New York, Amsterdam, Beijing, Hong Kong, Jakarta, London, Mexico City, Mumbai, Munich, Palo Alto, São Paulo, Shanghai, Singapore and Stamford. For more information on General Atlantic, please visit the website: www.generalatlantic.com.