New York City-based Recycle Track Systems, a Waste and Recycling Management Tech Company, Has Raised $11.7 Million in Funding – Volition Capital Led the Round
New York – July 7, 2017 – Recycle Track Systems (RTS), a waste and recycling management technology company that provides real-time accountability and transparency for daily waste removal, including on-demand, recycling, and composting options, has closed an $11.7 million financing led by Boston-based growth equity firm Volition Capital.
RTS, co-founded by Gregory Lettieri and Adam Pasquale in 2015, is currently working with some of the most prominent businesses in the country, focusing on sustainability through efficient routing, training and on-demand orders; streamlining the waste removal services for clients such as, Whole Foods, WeWork, Juice Press, and the Natural Resources Defense Council (NRDC). The RTS platform operates similarly to popular on-demand car and food services applications; providing waste removal service to its customers by leveraging its local independent hauler network. RTS tracks their customers recycling material to appropriate facilities including waste to energy facilities and local area farmers and who process large amounts of organic food waste for composting; providing validation the material was recycled or reused.
“The amount of waste Americans created is staggering, and our customers want a company that can confirm that all their work on site leads to the material being recycled. We saw an opportunity to help support and enhance a very large and underappreciated business while helping cities like New York reach their Zero Waste goals,” said RTS Co-Founder and CEO Greg Lettieri.
“Coming out of our recent exit Chewy.com, we have been looking for the next opportunity to build a disruptive multi-billion-dollar company in a large underserved market – and we believe RTS is that company in the commercial waste management market,” said Larry Cheng, Managing Partner at Volition Capital. “RTS aims to become the market leader in waste management by bringing the highest levels of service, technology and transparency to its customers, and we are thrilled to partner with them on this journey.”
“Volition Capital’s investment gives RTS the ability to continue to expand and implement waste management technology solutions throughout the northeast,” said Adam Pasquale, RTS Co-Founder and COO. “RTS is the waste management solution focusing on our hauler’s optimized route logistics, customer experience and building towards the future smart cities.”
About RTS: Recycle Track Systems (RTS), a waste management technology company headquartered in New York, provides proprietary tracking system to empower businesses with accurate data and real-time accountability of waste and recycling removal. RTS increases efficiency, and provides insights into waste and recycling streams and service pickups using a combination of proprietary software, algorithms and experts from the waste management industry. The company was founded in 2015 and focuses on environmentally friendly avenues for waste removal and processing. In March 2017, RTS was certified as a B-Corp for its dedication and commitment to environmental and social responsibility, sustainability, and profitability for all stakeholders.
About Volition Capital
Volition Capital is a technology growth equity fund based in Boston, MA. Volition specializes in investing in high-growth, principally bootstrapped technology companies across several sectors including software/SaaS, enterprise and consumer Internet application, technology-enabled services, and mobile companies. The firm has managed over 20 portfolio companies with over $500 million in assets under management.