US-based recycling service provider RoadRunner closed its series C round at $38.9m yesterday with an additional $10m from packaging materials producer Avery Dennison and venture capital firm Valo Ventures.
VC firm Greycroft and VC fund e.Ventures had co-led the initial tranche in March 2020 with further participation from Franklin Templeton, Adams Capital Management and FJ Labs.
Founded in 2014, RoadRunner offers waste recycling services to US-based enterprise clients.
The company organises regular collections for a variety of recyclable materials through a technology that incorporates machine learning-driven functions to limit costs.
The series C cash will support a recruitment drive and technology development as RoadRunner aims to enter 10 new US markets.
RoadRunner has now raised a total of $59.4m in funding according to regulatory filings.
It most recently closed a $10m round in 2017 with investors including Adams Capital Management and individual Thomas Tull according to the Pittsburgh Business Times.
The funding followed a $1.7m seed round for RoadRunner according to StartupBeat although the trade paper did not specify the investors or date. FJ Labs backed RoadRunner’s initial series C tranche as an existing backer.