Rubicon Inc. has raised $50 million in venture funding to become the Uber of garbage and recycling.
The Atlanta-based startup’s website and mobile apps connect local waste haulers and recycling businesses to customers who need their services. The app allows businesses, and now some residential customers, to book garbage pickup within an hour.
Prices vary by market and based upon the type of garbage, including electronics, medical, food or typical paper and plastics waste generated by offices.
Nima Capital led the investment in Rubicon, joined by Goldman Sachs, Wellington Management Co., KKR founder Henry Kravis, Tudor Investment Corp. founder Paul Tudor Jones and actor Leonardo DiCaprio. The company’s post-money valuation climbed to $500 million with the new round of funding, according to co-founder and Chief Executive Nate Morris and investors.
Rubicon, which has about 200 employees, started out by linking large corporations that have thousands of stores, restaurants or offices around the U.S. to local waste-hauling businesses that can help them. Smaller waste hauling and recycling businesses previously couldn’t compete against giants in the industry—such as Republic Services, Waste Management, or Clean Harbors—to fulfill large contracts, says the CEO.
Read the full article about Rubicon’s latest round of investment at Dow Jones VentureWire.