One of the cornerstones of sustainability is figuring out how to reduce waste while also developing eco-friendly ways to get rid of the waste that’s already out there. This requires innovative technologies and new ways of thinking.
One company at the forefront of this effort is Recycle Track Systems (RTS), a New York-based provider of waste management and recycling services that uses technology to make waste disposal smarter, easier, and more responsible.
RTS provides everything from on-demand waste removal and sustainability programs to dumpster rentals, all of which are aimed at helping companies and municipalities easily track and optimize their pickups. It uses data insights to bring more visibility into clients’ waste habits – and analyze their climate impact – so they have the tools to improve their waste and recycling practices.
Now, thanks to a recent infusion of capital, RTS is positioned to bolster its products and services even more. In June, the company closed a Series C round of financing in the amount of $35 million, led by the Citi Impact Fund.
RTS will use the money to support its efforts to redefine materials management and develop zero-waste programs. It also received financing from Edison Partners, Cue Ball, Greenspring Associates, Gaingels, and the nonprofit Partnership for New York City. Previous investment rounds were led by Volition Capital and Greenspring Associates.
The financing will play an important role in RTS’s mission to help its clients operate more sustainably, CEO Gregory Lettieri said in a statement.
“To overcome the challenges posed by the climate crisis, innovation is needed,” he said. “With Citi’s Partnership, we will continue to revolutionize the waste management space by focusing on the circular economy and finding ways to save waste from landfills and repurpose it for future use. 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.”
Ed Skyler, Head of Global Public Affairs at Citi, said RTS is “challenging the status quo” in the waste management industry by helping clients actively manage their waste and recycling away from landfills.
“Our investment in RTS aligns with our broader commitments to accelerate the transition to a low-carbon economy,” Skyler added.
RTS was co-founded in 2015 by Lettieri and Adam Pasquale. Their mission at the time was to launch a “more efficient, waste-conscious collection service to reshape the waste industry,” Lettieri said on the company’s website. Six years later, the company aims to set itself apart by helping companies and communities incorporate sustainability into their daily routines and zero waste innovation into their revenue growth.
“We developed RTS from a desire to do better,” Lettieri said. “We are fully committed to evolving and challenging the waste industry to be better stewards of the environment.”
RTS’s main offering is its software platform and mobile app, which lets customers schedule on-demand pickups of various items that can be repurposed, recycled, or disposed. RTS also handles regularly scheduled pick-ups through partnerships with local, independent haulers. It outfits its vehicles with proprietary routing technology designed to streamline collection routes and maintain constant communication with individual pickup sites.
Though it has no trucks itself, RTS owns trash and recycling containers that it supplies to clients. Company staff train clients on how to separate trash to comply with city regulations. Its lineup of services includes the following
· Recurring Waste Services: RTS acts as a single point of contact to help streamline various waste disposal services across multiple locations. Its technology is designed to optimize operations for clients and help them lower their environmental impacts.
· On-Demand Collection: With this service, customers select the items they want to be picked up and attach any additional information, such as photos or notes. RTS provides the option to set a convenient target pickup time.
· Dumpster Rentals: RTS offers multiple commercial dumpsters and open-top container sizes and also takes care of local regulations and permits for customers.
· Sustainability Programs: RTS uses data to measure the environmental impact of clients’ waste programs, including waste audits, site assessments, and data benchmarking. It also identifies key areas of improvement and provides a roadmap for program changes
· Technology: The company provides Geofenced software to help clients track packages in a way that allows for real-time accountability, data accuracy, and reporting.
· Zero Waste Services: The focus here is on programs to capture waste and find solutions to manage it responsibly. RTS has already helped customers divert 3 million tons of waste away from landfills.
Demand for its services is such that over the last year, RTS has experienced 550 percent growth in its residential business alone. It currently serves more than 150,000 residents and 2,000 businesses across the United States. So far this year it has tripled the number of municipalities it serves in New Jersey and plans to continue growing that total across the country.