RoadRunner Recycling Valuation, Funding & Investors
RoadRunner Recycling is valued at $1.1B as of November 2022.
Last RoadRunner Recycling valuation
$1.1B
Series D · Nov 2022
Last RoadRunner Recycling funding round
$20M
Series D · Nov 2022
Cumulative funding RoadRunner Recycling raised
$174M
across 8 funding rounds
Key investors in RoadRunner Recycling
FJ Labs
Adams Capital Management
Greycroft
Headline
Fifth Wall
Putnam Premier IT
About RoadRunner Recycling
RoadRunner Recycling is a Pittsburgh-based provider of commercial waste management founded in 2014. Its logistics optimize routes to cut fuel use and emissions, maximizing material recovery value. Businesses across the eastern United States benefit from cost reductions and sustainability reporting.
Founded
2014
HQ
Pittsburgh, PAWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Services, Subscription
Valuation
$1.1B (Nov 2022)
RoadRunner Recycling Valuation
RoadRunner Recycling is currently valued at $1.1B, based on its Series D in November 2022.
The $20M round was led by Fifth Wall.
RoadRunner Recycling's valuation has grown 29x from $39M at its Series C in September 2020 to $1.1B in November 2022, across 2 priced rounds.
RoadRunner Recycling valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Nov 2022 | Series D | $1.1B |
| Sep 2020 | Series C | $39M |
RoadRunner Recycling Funding History
RoadRunner Recycling has raised a total of $174M across 8 funding rounds.
RoadRunner Recycling's first fundraising round was a $2M seed round in June 2014. The most recent completed round was a $20M Series D in November 2022.
RoadRunner Recycling funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Nov 2022 | Series D | Fifth Wall (lead) | $20M | $1.1B | RoadRunner Recycling is a Pittsburgh-based waste management startup specializing in single-stream recycling logistics for small and medium-sized businesses, using a digitally enabled platform to optimize waste collection, increase recycling rates, reduce costs, and lower carbon footprints through real-time data and smart metering technology acquired via Compology in October 2022. The company announced a $20 million Series D extension round on November 15, 2022, led solely by Fifth Wall's Climate Fund, following a $70 million Series D in January 2022, with the extension financing the Compology acquisition, business expansion into six new markets (Kansas City, Phoenix, Denver, San Diego, Portland, Providence), technology investments, and hiring to exceed 500 employees across over 20 cities. This funding provided a slight bump to the company's valuation, listed as $1.15 billion post-money for the Series D-3, without meaningfully altering the cap table, positioning RoadRunner to target real estate clients from Fifth Wall's LP network for decarbonization efforts. The investment aligns with Fifth Wall's $500 million Climate Fund launched in July 2022, the largest private fund for real estate decarbonization, emphasizing RoadRunner's role in sustainable waste solutions for commercial properties and governments. |
| Jan 2022 | Series D | Beyond Net Zero (lead); FJ Labs | $70M | - | RoadRunner Recycling is a Pittsburgh-based sustainable waste management company founded in 2014 that provides tech-driven recycling and waste solutions to commercial businesses across over 20 industries, using machine learning to predict material volumes, optimize containers, and customize plans that improve recycling rates from an average of 10% to up to 50%, reduce costs, and divert waste from landfills. By the time of its Series D announcement in January 2022, the company operated in 16-18 U.S. cities, served over 8,000 locations including clients like PNC Bank, Allegheny Health Network, Forman Mills, Avery Dennison, and PM Hotel Group, employed over 400 people, and had diverted more than 200,000 tons of waste while saving customers upwards of $50 million. The $70 million Series D round, led by Beyond Net Zero (the climate investing arm of General Atlantic), was announced on January 7, 2022, bringing total funding to $129.5 million following a prior $40 million raise in October 2020. Funds were allocated to develop machine-learning and marketplace technology, expand the enterprise business, hire extensively (aiming for nearly 800 employees by end of 2022), and support national growth into over 40 cities, including six new markets added that year. The global waste management market is projected to reach $2.48 trillion by 2030 at a 3.4% CAGR, driven by government initiatives, waste-to-energy adoption, recycling programs, and rising CO2 emissions concerns. RoadRunner eyed a public offering like an IPO in coming years to fuel long-term growth in the $80 billion U.S. industry lacking innovation. |
| Sep 2020 | Series C | Avery Dennison (lead); Cerity Partners Ventures; Valo Ventures | $10M | $39M | RoadRunner Recycling is a Pittsburgh-based technology-driven company transforming the waste and recycling sector by providing customized programs that help businesses divert waste from landfills and reduce costs. On September 22, 2020, it closed its oversubscribed Series C round at $38.9 million total, including an additional $10 million from Avery Dennison and Valo Ventures following the initial $28.6 million raised in March 2020 led by e.ventures and Greycroft. Avery Dennison's investment included a $5 million commitment and a partnership for a customized pilot program to support its zero-waste goals, with Jeroen Diderich joining RoadRunner’s board as an observer. By that date, RoadRunner had raised a total of $59.1 million since its 2014 founding and expanded to serve over 6,000 customers across multiple markets. The company had helped divert approximately 130,000 tons of waste from landfills, increased recycling rates by 10 times the average, and saved businesses more than $20 million in recurring waste and recycling costs. Proceeds from the round supported further investments in team and technology for sustainable waste management solutions in new and existing markets. |
| Mar 2020 | Series C | Greycroft (lead); Headline (lead); Putnam Premier IT; Adams Capital Management; FJ Labs | $29M | - | RoadRunner Recycling is a Pittsburgh-based technology platform for commercial recycling and sustainable waste management, offering customized, tech-driven programs that improve recycling rates, reduce costs, and divert materials from landfills. The company launched services that enable businesses to increase recycling from an average of 10% to higher rates, with a single customer location recycling 8.6 tons annually that were previously landfilled. By March 2020, it had surpassed 5,000 customers, completed 40,000 recycling routes, saved customers $20 million, and diverted over 100,000 tons of recyclables from landfills. On March 17, 2020, RoadRunner announced a $28.6 million Series C funding round, co-led by e.ventures and Greycroft, with participation from Franklin Templeton and existing investors Adams Capital Management and FJ Labs. The proceeds were allocated to double the team size, invest in AI and machine learning technology, continue U.S. expansion in existing markets, and launch in up to 10 new markets including Austin, Phoenix, and San Diego. Subsequent rounds included a $38.9M Series C in September 2020 and a $70M Series D in early 2022 led by General Atlantic, bringing total funding over $150M by 2023, with expansion to 18+ cities and over 400 employees. The company serves enterprise clients like PNC Bank and Allegheny Health Network, focusing on national scalability and technology enhancements. |
| Sep 2017 | Series A | - | $10M | - | RoadRunner Recycling is a technology-enabled commercial recycling and sustainable waste management platform founded in 2014 by Graham Rihn. The company develops proprietary software using data analytics and AI/ML to help businesses reduce recycling costs, improve sustainability outcomes, and increase diversion rates from landfill. A Series B funding round occurred in March 2017 for $9.45 million according to one source and $9.56 million according to another. The company subsequently raised a $28.6 million Series C in March 2020, followed by a $38.9 million Series C in September 2020, and a $70 million Series D in January 2022, bringing cumulative funding to approximately $199 million across multiple rounds. |
| Mar 2017 | Series B | Adams Capital Management; FJ Labs; Fabrice Grinda | $9M | - | RoadRunner Recycling is a technology-enabled waste management and recycling company based in Pittsburgh, Pennsylvania, founded in 2014. The company provides customized material recovery and sustainability solutions to commercial businesses across multiple industries, helping clients reduce costs, increase recycling rates, and minimize landfill waste. RoadRunner raised $8.8 million in March 2017 in an undisclosed round. The company has since grown significantly, acquiring Compology in October 2022 and raising a total of $199.44 million across eight funding rounds, including a $20 million Series D extension in November 2022 led by Fifth Wall. As of 2024, RoadRunner Recycling reported annual revenues between $136.3 million and $156.8 million with approximately 588–606 employees. |
| Jan 2017 | Undisclosed stage | Tulco (lead) | $25M | - | RoadRunner Recycling is a Pittsburgh-based technology platform for commercial recycling and sustainable waste management, founded in 2014 to address inefficiencies in the waste industry using proprietary data, AI/ML, marketplace dynamics, and customized solutions that boost recycling rates, reduce costs, and improve service for businesses across industries. The company offers free waste cost savings analysis and streamlines operations for thousands of locations. A 2017 investment of $25 million came from Tulco, owned by Thomas Tull, as noted in company press references. Subsequent funding rounds built on early growth: a $28.6 million Series C in March 2020 co-led by e.ventures and Greycroft, with participation from Franklin Templeton, Adams Capital Management, and FJ Labs, used to double team size, enhance AI technology, and expand into up to 10 new U.S. markets including Austin, Phoenix, and San Diego. The Series C extended to $38.9 million by September 2020 with Avery Dennison and Valo Ventures. By then, RoadRunner had surpassed 5,000 customers, completed 40,000 recycling routes, saved customers $20 million, and diverted over 100,000 tons of recyclables from landfills, with average per-location recycling increases of 10x and 8.6 tons annually. Later, a $70 million Series D in January 2022 from BeyondNetZero (General Atlantic's climate venture) brought total funding to $129.5 million, followed by additional Series D rounds including $20 million in November 2022 led by Fifth Wall, reaching over $199 million across multiple rounds. By 2022, metrics improved to over 8,000 locations, $50 million in customer savings, and 200,000+ tons diverted, operating in an $80 billion industry ripe for tech disruption amid stagnant innovation. RoadRunner positioned itself against legacy haulers, focusing on sustainability goals, cost efficiency, and national expansion. |
| Jun 2014 | Seed | - | $2M | - | - |
Who has invested in RoadRunner Recycling?
12 investors have backed RoadRunner Recycling across its funding rounds, including FJ Labs, Adams Capital Management, Greycroft, Headline, Fifth Wall and Putnam Premier IT.
Lead investors include Fifth Wall, Beyond Net Zero, Avery Dennison, Greycroft, Headline and 1 other investor.
RoadRunner Recycling Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| New York City, NY | 3 | Participant | Mar 2017 | |
| Pittsburgh, PA | 2 | Participant | Mar 2017 | |
| New York City, NY | 1 | Lead | Jan 2022 | |
| United States | 1 | Participant | Mar 2020 | |
| New York City, NY | 1 | Lead | Mar 2020 | |
| Haddonfield, NJ | 1 | Participant | Sep 2020 | |
| New York City, NY | 1 | Participant | Mar 2017 | |
| Los Angeles, CA | 1 | Lead | Nov 2022 | |
| San Francisco, CA | 1 | Participant | Sep 2020 | |
| San Francisco, CA | 1 | Lead | Mar 2020 | |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by RoadRunner Recycling
RoadRunner Recycling has acquired 1 company to date.
Last acquisition by RoadRunner Recycling was on October 6th 2022. RoadRunner Recycling acquired Compology for undisclosed valuation.
Latest Acquisitions by RoadRunner Recycling
| Description | Atlanta-based Compology develops IoT sensors for waste containers to optimize collection routes, predict fill levels, and boost efficiency for haulers and recyclers. Its software platform analyzes data from trucking and shipping operations, serving municipal and private waste firms in North America. |
| HQ Country | |
| HQ City | San Francisco, CA |
| Deal Date | 6 Oct 2022 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all RoadRunner Recycling acquisitions and their M&A valuation multiples. Start Free Trial | |
RoadRunner Recycling Competitors
RoadRunner Recycling competitors include listed companies like Wuxi Boton Technology and GuoChuang Software, and private ones like Shiprocket, Motive, Nowports and UISEE.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 New Delhi | Private | $141M | - | $1.2B | 8.5x | |
| San Francisco, CA | Private | $600M | - | $1.2B | - | |
 Monterrey | Private | - | - | $1.1B | - | |
 Beijing | Private | - | - | $1.1B | - | |
| China | Publicly listed | $516M | $55M | $1.3B | - | |
| China | Publicly listed | $220M | ($17M) | $960M | - |
RoadRunner Recycling Public Comps
RoadRunner Recycling is still privately-owned, but its public comps include Daiseki, PureCycle, Blackbuck, Kanadevia, GVS, Wuxi Boton Technology, Keytop Parking, GuoChuang Software, Beijing eGova and Jiangsu Tongxingbao.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $462M | $117M | 2.4x | 2.3x | 9.4x | 8.8x | |||
| $8M | ($89M) | 212.4x | 72.6x | (19.9x) | (15.1x) | |||
| $67M | $16M | 16.5x | 14.5x | 68.3x | 53.2x | |||
| $4.1B | $184M | 0.4x | 0.4x | 9.2x | - | |||
| $489M | $93M | 2.6x | 2.6x | 13.8x | 10.3x | |||
| $516M | $55M | 2.4x | - | 22.6x | - | |||
| $124M | $29M | 7.5x | - | 32.3x | - | |||
| $220M | ($17M) | 4.8x | - | (60.4x) | - | |||
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Common questions about RoadRunner Recycling
| When was RoadRunner Recycling founded? | RoadRunner Recycling was founded in 2014. |
| Where is RoadRunner Recycling headquartered? | RoadRunner Recycling is headquartered in Pittsburgh, PA, United States. |
| Is RoadRunner Recycling publicly listed? | No, RoadRunner Recycling is a private, VC-backed company. |
| What is RoadRunner Recycling's valuation? | RoadRunner Recycling was last valued at $1.1B in its Series D in November 2022. |
| How much funding has RoadRunner Recycling raised? | RoadRunner Recycling has raised $174M across 8 funding rounds. |
| What was RoadRunner Recycling's last funding round? | RoadRunner Recycling's last funding round was a $20M Series D in November 2022, led by Fifth Wall. |
| Who are RoadRunner Recycling's investors? | RoadRunner Recycling's investors include FJ Labs, Adams Capital Management, Beyond Net Zero, Putnam Premier IT, Greycroft, Cerity Partners Ventures, Fabrice Grinda, Fifth Wall, Valo Ventures, Headline and 2 others. |
| Which companies are comparable to RoadRunner Recycling? | Companies comparable to RoadRunner Recycling include Shiprocket, Motive, Nowports, UISEE, Wuxi Boton Technology and GuoChuang Software. |
| How many companies has RoadRunner Recycling acquired? | RoadRunner Recycling has acquired 1 company, including Compology. |
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