Exclusive: RoadRunner Recycling gets $20M from Fifth Wall
Roadrunner bird sculpture made from salvaged items, New Mexico. Photo: Jim Lane/Education Images/Universal Images Group via Getty Images
Waste management startup RoadRunner Recycling has raised $20 million from Fifth Wall's Climate Fund, the company exclusively tells Axios.
Why it matters: The cash going to the Pittsburgh-based company spotlights investor interest in bringing online the largely analog world of corporate waste management.
Details: Fifth Wall was the only participant in the funding, a so-called extension round that provided an extra $20 million on top of the $70 million Series D round RoadRunner raised in January.
- The company handles single-stream recycling logistics for small and medium-sized businesses.
- The funding helped finance the company's acquisition of Compology in October, and it gave a slight bump to RoadRunner's valuation but did not meaningfully alter the company's cap table, CEO Graham Rihn said.
Zoom in: RoadRunner is also looking to tap Fifth Wall's LP base, which consists of some of the largest real estate groups in the country, as potential customers.