WasteZero, a trash-metering company based in Raleigh, has raised $1.5 million of a $2.8 million equity offering, according to a regulatory filing.
Two investors contributed to the round so far.
Reports say the company raised $1 million of a$3 million offering in 2015.
The company helps municipalities reduce their trash output. They only pay for the service when they see a reduction.
According to the company website: It enables cities and towns to charge residents for trash services based on the amount of trash residents throw away.Today, people typically pay for trash collection and disposal through a flat fee. With Waste Zero programs, cities typically reduce or eliminate flat fees and replace them with variable pricing.
People who throw away more pay more, while people who throw away less pay less. It combines trash collection with recycling.
The company website is replete with municipal “successs stories,” in which cities note they reduced their solid waste by half or more and significantly increased recycling. Most are in Massachusetts and New England. (http://wastezero.com/success-stories-list/).
Waste Zero Chairman John Campbell told a Catawba College Center for the Environment in February that “We can cut trash in half across America.”
He then told the crowd what pay-as-you-throw could mean for the city of Salisbury, N.C., Catawba College’s home: a decrease in greenhouse gas emissions equal to the effect of taking 1,300 cars off the road annually, energy savings similar to what it takes to power 490 houses for a year, and $830,000 in annual positive financial impact, according to a blog post. http://wastezero.com/2016/02/pay-as-you-throw-now/
It also sells waste management consulting services.
The company disclosed the current equity raise in a filing with the U.S. Securities and Exchange Commission.
