Rubicon, a Georgia-based startup that connects local waste haulers and recycling businesses with customers, has announced that it will merge with special purpose acquisition company (SPAC) “Founder SPAC” to go public on the NYSE. The transaction will provide Rubicon with USD 432 million in gross proceeds and will value the combined company at USD 2 billion. 

The deal’s value comprises USD 321 million from Founder SPAC’s trust fund and USD 111 million from private investment in public equity (PIPE) investors including Palantir Technologies, the New Zealand Super Fund, and Rodina Capital. The deal is expected to close in Q2 2022. 

Rubicon expects to use the proceeds to scale its software platform by expanding its footprint in new international markets and attracting new customers. As of date, Rubicon has its service presence in eight million locations worldwide with a network of over 8,000 hauler and recycling business partners. 

The company also reported that it generated revenue of over USD 500 million during 2020 with a portfolio of customers including Walmart, Starbucks, FedEx, and the US city governments (including Kansas, Missouri, Baltimore).