Rubicon Technologies, a leading digital marketplace for waste and recycling and provider of innovative software-based products for businesses and governments worldwide, announced the completion of its final key strategic finance goal, as previously discussed on the Company’s earnings calls since the fourth quarter of 2022. The new $75 million term loan and revolving credit line of up to $90 million were secured through Avenue Sustainable Solutions and MidCap Financial, respectively, and provide significantly enhanced liquidity to the Company. 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 the fourth quarter of 2023, as well as for the full year 2024.
Rubicon’s focus since the fourth quarter of 2022 has been to improve its liquidity position and accelerate its progress to profitability through a number of 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,” said Kevin Schubert, CFO of Rubicon. “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," said John Larkin, Head of Impact Investments and Co-manager of the Avenue Sustainable Solutions Fund. "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."