SJF Ventures Invests $1.6 million in CleanScapes Inc.

Durham, N.C.-based SJF Ventures II LP has closed on a $1.6 million investment as part of a $10 million Series A preferred financing for CleanScapes Inc., based in Seattle. CleanScapes is a recycling, organics and waste collection company with operations in Seattle and Shoreline, Wash.; Portland, Ore.; and San Francisco. The 10-year-old company initially provided ‘Dumpster Free Alley’ streetscape services, later expanding to provide municipal collection services. CleanScapes recently was awarded contracts totaling $40 million annually in the Washington cities of Shoreline and Seattle.

“SJF seeks out forward-looking ventures nationwide that bring cleantech innovations to inefficient, mainstream industries, and CleanScapes certainly fits the bill,” Cody Apperson of SJF Ventures says. “The company’s strong environmental, civic and workforce strategies helped it win new major contracts and bring a breath of fresh air to the waste management industry.” 

“We are excited to have SJF Ventures join the CleanScapes team,” Chris Martin, CEO of CleanScapes, says. “SJF’s focus on companies whose positive impacts drive business results is perfectly aligned with our company, and the SJF team’s in-depth understanding of the recycling, organics and waste management industries is a great addition to our investor syndicate.”

SJF Ventures Managing Director David Kirkpatrick says, “Several of us on the SJF Ventures team worked previously in the recycling industry and we are thrilled to back CleanScapes.” He adds, “They have broken the old paradigm of inefficient separate recycling and waste collections by developing an integrated collections approach that allows local municipalities, businesses and citizens to capture the savings and environment benefits of waste reduction.”

CleanScapes will use new equity and debt financing to purchase collection trucks for its new contracts. The company will hire 130 new employees to provide weekly collections for half of Seattle homes and businesses, including the entire downtown district.

CleanScapes' financial advisor for the $10 million Series A financing, also included several Seattle-area investors, was Vinton Street Partners.

SJF Ventures is a venture capital firm with $45 million under management and offices in Durham and New York City. The fund focuses on companies with several million in revenues seeking $1 to $10 million in equity capital to pursue new growth opportunities and acquisitions.