RALEIGHWasteZero, a waste reduction company based out of Raleigh, has raised an additional $3.8 million in debt from 25 investors, according to a recent SEC filing.

The round is capped at $4.5 million, with $622 million remaining to be sold.

The filing clarified that the use of proceeds would go towards the “payment of salaries and other compensation.” No officer or director is expected to receive any payment from funds.

It’s the latest in a series of funding rounds, which has seen the firm raise more than $55 million since 2012.

The company has actually been around since the early 90s. Its mission, according to its website, is clear: to “cut the trash in half across the United States.”

It partners with up to 400 towns, cities, counties, state agencies, and estimates that it helps reduce waste “by an average of 44 percent.”

The secret formula, so to speak, is the firm’s WasteZero Trash Metering, otherwise called the “Pay as You Throw” program.

By switching from a “flat fee” to a “pay-as-you-throw” approach, the firm argues “it helps cities and towns give their residents the incentive to cut waste and recycle.”

WasteZero adds $1.1M to equity round for trash reduction system