Waste Remedies, a St. Louis, MO-based firm that helps businesses reduce their waste management costs and inefficiencies, has secured $7.25 million in second round funding from Advantage Capital Partners, working in partnership with Southwest Bank.
The proceeds will be used to expand the company’s 12-person team and to upgrade its financial software, CEO Tim Gray said. Waste Remedies works with manufacturers, restaurants, property managers and retailers to provide waste removal and recycling services.
It helps reduce its clients’ costs by 30 to 50 percent, or around $5 million a year, Gray says, through bulk purchasing, fixing logistical inefficiencies and organizing recycling programs. The company leverages its strong presence in several geographic areas to negotiate steep discounts with waste haulers.
The company’s contracts operate on a contingency basis, which means its clients don’t pay a cent until it has reduced their expenses. Advantage Capital Partners previously helped Waste Remedies raise $2 million for its first funding round.