Digital transformation has seeped into even the most traditional of industries including waste management. While much of the technological advancement in the space has been focused on the handling of waste, companies are embracing technology to usher in a new era of adopting tools focused on improving operational efficiency. CurbWaste is a SaaS platform for the waste management industry that centralizes the many moving parts including CRM, task management, online ordering, invoicing, payments, asset deployment, logistics, fleet tracking, and reporting. The versatile cloud-native platform can be used across the organization from administrative personnel to the actual haulers. The industry is capital-intensive requiring companies to frequently borrow to cover operational expenses and CurbWaste is expanding its embedded finance capabilities that it launched earlier in the year to help waste management companies bridge any gaps. Haulers and waste companies using the platform currently process several million transactions per month, with the company growing revenue by 800% in 2023.
AlleyWatch caught up with CurbWaste Founder and CEO Michael Marmo to learn more about the business, the company’s strategic plans, latest round of funding, and much, much more…
Who were your investors and how much did you raise?
We raised a $10M Series A led by Flourish Ventures with participation from TTV Capital, Mucker Capital, and B Capital. We previously raised $10.2M in seed funding, bringing us to a total of $20.2M raised to date.
Tell us about the product or service that CurbWaste offers.
CurbWaste is the first integrated software solution for waste and recycling haulers that combines CRM, task management, online ordering, invoicing, payments, asset management, route logistics, fleet tracking, and data reporting in an easy-to-use app and cloud-based platform.
What inspired the start of CurbWaste?
I got into waste management almost by accident. I was coaching baseball at night and working at my family’s transfer station in New York City by day. I fell in love with the industry – it is critical infrastructure work that is taken for granted, and it allowed me to understand the inner workings of the city. I spent four years learning the business and started my own New York-based hauling company, Curbside, in 2016. My team and I built proprietary technology that made our operations easier and brought more transparency to the waste process. When the pandemic hit NYC, we faced challenges like everyone else, but were actually able to grow the business since our operations were digitized. I had friends and competitors asking if they could use our software, and that’s when I really felt the market pull. We decided to focus our energy on giving haulers a platform they would enjoy using and could scale.
How is CurbWaste different?
Waste management software has failed to keep pace with the industry’s technological advancements, environmental regulations, and customer expectations for digital interactions. CurbWaste enables haulers and disposal centers to optimize their businesses by managing and streamlining operations at every step of the process, in real time.
What market does CurbWaste target and how big is it?
According to Grand View Research, the 2021 U.S. waste management market reached $314B for collection, transportation, and disposal. We target the waste-hauling industry, which is a mix of family-owned enterprises that have been operating for multiple generations and hundreds of mid-market businesses. However, because the waste management workflow is so verticalized and nuanced, it has not benefited much from SaaS solutions, the cloud, and digital workflows.
What’s your business model?
We have multiple revenue streams and are using this new infusion of capital to build out more offerings. First, as a traditional SaaS solution, we charge a monthly fee per driver, per month. We also take a percentage of the payments that are made through our platform. With our new funding, we aim to expand our fintech offerings and provide more features that will allow our customers to have more resources.
How are you preparing for a potential economic slowdown?
Making sure we had enough cash on the balance sheet was critical in times where there is uncertainty. We are fortunate that waste is always being generated and many of our clients are continuing to grow.
What was the funding process like?
Our initial plan was to go out and raise our series A in mid 2024 as we had just closed a $4M seed extension with TTV Capital. We felt good about our growth and roadmap, but met Flourish Ventures and immediately aligned. We were excited about the opportunity to work with the Flourish team and they were aggressive in their approach of taking us out of market. It was a great process and a pleasure to work with the team and we were able to get a deal done.
What are the biggest challenges that you faced while raising capital?
Raising capital is always challenging, especially when it comes to making sure you have all the necessary materials and negotiating with multiple firms. The biggest challenge we faced was making sure we allocated the necessary time and resources to get to the finish line.
What factors about your business led your investors to write the check?
We have seen meaningful growth in 2023 and have proven that we can sell to our market and make customers successful. CurbWaste has seen 800% growth in 2023 and we have built a strong and motivated leadership team that will allow us to continue to scale. More importantly, we have an amazing customer base that partners with us and believes in what we are doing.
We have seen meaningful growth in 2023 and have proven that we can sell to our market and make customers successful. CurbWaste has seen 800% growth in 2023 and we have built a strong and motivated leadership team that will allow us to continue to scale. More importantly, we have an amazing customer base that partners with us and believes in what we are doing.
What are the milestones you plan to achieve in the next six months?
Our core focus in 2024 will be to move up market and start working with mid-market haulers around the country. We will be releasing our routing module that will allow us to work with commercial and residential service providers. We will also be rolling out more embedded fintech solutions.
What advice can you offer companies in New York that do not have a fresh injection of capital in the bank?
Even with capital secured, we remain lean and make sure to not overspend just for the sake of spending. We try to be extremely calculated in where we deploy our resources and make sure we can justify every spend with a meaningful ROI. It’s important to remain disciplined. For companies that don’t have a fresh injection of capital but are in the market, my advice is to continue building relationships with the venture markets and always remain agile and opportunistic.
Where do you see the company going now over the near term?
Our main objective is to move up market and start servicing larger mid-market waste companies that offer multiple service offerings. We will be investing in our R&D and go-to-market efforts to ensure we have a system that is exciting and will make our customers successful.
What’s your favorite winter destination in and around the city?
My favorite place to be during the winter is in my living room watching sports or sports movies with my two young boys and wife. That’s what brings me the most joy.
