Recycle Track Systems receives $11.7M investment to strengthen market position
- Recycle Track Systems (RTS), a New York-based waste and recycling tech company that offers "on-demand" disposal options for commercial customers, has received an $11.7 million investment from Volition Capital, according to a press statement.
- The investment aims to boost RTS's presence as a "market leader" and will aid the company in helping cities like New York reach zero waste goals through tech solutions.
- "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, in the statement.
In a 2016 interview with Waste Dive, RTS CEO and co-founder Greg Lettieri said the company's initial focus was the need to have "transparency and accountability with removing materials." This dedication to transparency was a main draw for Volition Capital, as the equity fund searched for a partner to be a disruptive force in its respective industry.
RTS, however, is not alone in its waste and recycling mission. The concept of "on-demand" pickup and touting a comparison to an "Uber-like" business model has also been marketed by Rubicon Global, which has received millions in funding from investors, including Leonardo DiCaprio. Though Rubicon has made waves in the industry by casting doubt at the "big three's" ability to utilize tech in business operations. Republic Services, one of the referenced "big three" companies, spoke out against Rubicon's industry disruption in a May op-ed published by The Nevada Independent.
As Rubicon works through its battles with legacy waste and recycling companies, RTS may be able to quietly move its way into a more favorable position in the market — and give Rubicon a run for its money (literally) in locking down continued investments and supporters.
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