Rubicon Technologies, a digital marketplace for waste and recycling and provider of software-based products for businesses and governments, completed its final key strategic finance goal, receiving a $75 million term loan and revolving credit line of up to $90 million secured through Avenue Sustainable Solutions and MidCap Financial, respectively. Rubicon is confident that it has secured the required financing to take the company through profitability and beyond, and remains on track to achieve its overarching goals of being profitable by the end of this year and generating positive adjusted EBITDA for Q4/23, as well as for 2024.
Rubicon’s focus since Q4/22 has been to improve its liquidity position and accelerate its progress to profitability through initiatives designed to improve margins, reduce operating costs and increase the company’s financial strength and flexibility.
“We are excited to announce that we have achieved our final key strategic finance goal for 2023,” Kevin Schubert, CFO of Rubicon, said. “By securing this financing, we have strengthened our financial position and can now focus solely on the core operations of our business and chart our next phase of growth. I would like to thank all our financial partners for their trust in and support of the company and I look forward to an exciting future for Rubicon.”
“Avenue Capital Group is pleased to make this investment as we believe Rubicon is poised to be a leader in the next generation of the circular economy,” John Larkin, head of impact investments and co-manager of the Avenue Sustainable Solutions Fund, said. “There are few companies in the waste space with such advanced and differentiated technology. We are excited to back Rubicon’s ability to service the growing corporate demand for improvements in recycling and landfill diversion and their vision for the future of waste.”
