Recycle Track Systems secures Series C funding to make waste management more sustainable
Recycle Track Systems, Inc (RTS), a specialist in the waste and recycling management industry, has closed its Series C round of financing. Citi Impact Fund led the USD35 million investment round as part of its commitment to investing in American companies applying innovative solutions to help address some of society's most pressing challenges. The funding will be used to support RTS’s efforts to redefine materials management and develop zero-waste programs for a more sustainable future.
RTS also received investment from Edison Partners, Cue Ball, Greenspring Associates, Gaingels and the Partnership for New York City, a nonprofit organisation dedicated to mobilising private sector resources and expertise to advance the city’s standing as a global center of commerce, innovation, and economic opportunity. Previous investment rounds were led by Volition Capital and Greenspring Associates.
"To overcome the challenges posed by the climate crisis, innovation is needed. With Citi’s Partnership, we will continue to revolutionise the waste management space by focusing on the circular economy and finding ways to save waste from landfills and repurpose it for future use," says Gregory Lettieri, Cofounder and CEO of RTS. "We look forward to working with Citi’s Impact Fund to push to support technology that enables greater sustainability and their recognition of the value RTS has brought to the waste industry."
“RTS is challenging the status quo in the waste management industry by providing a way for individuals, businesses and communities to actively manage their waste and recycling away from landfills,” says Ed Skyler, Head of Global Public Affairs at Citi. “Our investment in RTS aligns with our broader commitments to accelerate the transition to a low-carbon economy.”
RTS is committed to helping business and communities understand their environmental impact and put them on a path to doing better. To provide clients real-time data to know where their waste is going, RTS’s network of providers are fitted with proprietary technology that tracks where it is being processed and ensures it goes to the proper facility. In partnership with its recycling and reuse vendors, RTS diverts tons of valuable material from entering landfills so they can be remade into new materials.
Over the last year, RTS has successfully expanded its position in the industry with 550 per cent growth in its residential business. The company currently serves more than 150,000 residents and 2,000 businesses across the country. In 2021 alone, RTS tripled the number of municipalities served in New Jersey and plans to continue its municipality growth across the country.
With food waste being one of the biggest contributors to landfills, RTS has also recently entered the circular manufacturing industry with the acquisition of Ambrosia – a food waste recycling company. By taking the valuable bi-product of food waste – water – and turning it into a nontoxic and sustainable cleaning product, the company has paved the way for keeping material in a continuous cycle and making it profitable for the industry and the environment. The product, Veles, is available on RTS’s consumer-focused platform, zerowaste.com.