Avery Dennison Corp. and Valo Ventures have invested $5 million in RoadRunner Recycling.
In addition to its investment, the Glendale-based label and industrial materials company will partner with RoadRunner to develop a pilot program to support Avery Dennison’s zero-waste goals.
In tandem with the investment, Avery’s Jeroen Diderich, vice president and general manager of Label and Graphic Materials North America, will join RoadRunner’s board as an observer.
“This investment represents Avery Dennison's ongoing commitment to sustainability and helping solve the matrix byproduct recycling challenge,” Diderich said in a statement.
This investment comes on the heels of a Series C funding round of $28.6 million in March 2020. Since its founding in 2014, Pittsburgh-based RoadRunner has raised more than $59 million.
The partnership was announced last week. On Monday, shares of Avery Dennison (AVY) closed up $3.71, or 3.1 percent, to $123.01 on the New York Stock Exchange.