Rubicon Technologies Announces Completion of Final Key Strategic Finance Objective

Company reports closing of new $75 million term loan and new revolving credit line of up to $90 million

June 08, 2023 08:45 AM Eastern Daylight Time – NEW YORK – (BUSINESS WIRE) – Rubicon Technologies, Inc. (“Rubicon” or the “Company”) (NYSE: RBT), a leading digital marketplace for waste and recycling and provider of innovative software-based products for businesses and governments worldwide, today announced the completion of its final key strategic finance goal, as previously discussed on the Company’s earnings calls since the fourth quarter of 2022. The new $75 million term loan and revolving credit line of up to $90 million were secured through Avenue Sustainable Solutions and MidCap Financial, respectively, and provide significantly enhanced liquidity to the Company. Rubicon is confident that it has secured the required financing to take the Company through profitability and beyond, and remains on track to achieve its overarching goals of being profitable by the end of this year and generating positive Adjusted EBITDA for the fourth quarter of 2023, as well as for the full year 2024.

Rubicon’s focus since the fourth quarter of 2022 has been to improve its liquidity position and accelerate its progress to profitability through a number of initiatives designed to improve margins, reduce operating costs, and increase the Company’s financial strength and flexibility.

“We are excited to announce that we have achieved our final key strategic finance goal for 2023,” said Kevin Schubert, CFO of Rubicon. “By securing this financing, we have strengthened our financial position and can now focus solely on the core operations of our business and chart our next phase of growth. I would like to thank all our financial partners for their trust in and support of the Company and I look forward to an exciting future for Rubicon.”

“Avenue Capital Group is pleased to make this investment as we believe Rubicon is poised to be a leader in the next generation of the circular economy,” said John Larkin, Head of Impact Investments and Co-manager of the Avenue Sustainable Solutions Fund. “There are few companies in the waste space with such advanced and differentiated technology. We are excited to back Rubicon’s ability to service the growing corporate demand for improvements in recycling and landfill diversion and their vision for the future of waste.”

About Rubicon

Rubicon Technologies, Inc. (NYSE: RBT) is a digital marketplace for waste and recycling, and provider of innovative software-based products for businesses and governments worldwide. Striving to create a new industry standard by using technology to drive environmental innovation, the Company helps turn businesses into more sustainable enterprises, and neighborhoods into greener and smarter places to live and work. Rubicon’s mission is to end waste. It helps its partners find economic value in their waste streams and confidently execute on their sustainability goals. To learn more, visit

About Avenue Sustainable Solutions, L.P.

The Avenue Sustainable Solutions Fund, L.P. seeks to provide creative financing solutions to high-growth companies that can demonstrate a measurable, positive environmental outcome alongside competitive financial returns. For additional information on Avenue Capital Group, which is a global investment firm with assets estimated to be approximately $12.5 billion as of April 30, 2023, please visit

About MidCap Financial

MidCap Financial is a middle-market focused, specialty finance firm that provides senior debt solutions to companies across all industries. As of March 31, 2023, MidCap Financial provides administrative or other services for over $46 billion of commitments*. MidCap Financial is managed by Apollo Capital Management, L.P., a subsidiary of Apollo Global Management, Inc, pursuant to an investment management agreement. Apollo had assets under management of approximately $598 billion as of March 31, 2023, in credit, private equity and real assets funds. For more information about MidCap Financial, please visit For more information about Apollo, please visit

*Including commitments managed by MidCap Financial Services Capital Management LLC, a registered investment adviser, as reported under Item 5.F on Part 1 of its Form ADV.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, are forward-looking statements. When used in this press release, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon current expectations, estimates, projections, and assumptions that, while considered reasonable by Rubicon and its management, are inherently uncertain; factors that may cause actual results to differ materially from current expectations include, but are not limited to: 1) the outcome of any legal proceedings that may be instituted against Rubicon or others following the closing of the business combination; 2) Rubicon’s ability to meet the New York Stock Exchange’s continued listing standards following the consummation of the business combination; 3) the risk that the business combination disrupts current or future plans and operations of Rubicon as a result of consummation of the business combination; 4) the ability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; 5) continued costs related to the business combination; 6) changes in applicable laws or regulations; 7) the possibility that Rubicon may be adversely affected by other economic, business and/or competitive factors, including the lingering impacts of the COVID-19 pandemic, geopolitical conflicts, such as the conflict between Russia and Ukraine, the effects of inflation and potential recessionary conditions; 8) Rubicon’s execution of anticipated operational efficiency initiatives, cost reduction measures and financing arrangements; and 9) other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Company’s Annual Report on Form 10-K, Registration Statement on Form S-1, as amended, filed with the SEC, and other documents Rubicon has filed, with the SEC. Although Rubicon believes the expectations reflected in the forward-looking statements are reasonable, nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward looking statements will be achieved. There may be additional risks that Rubicon presently does not know of or that Rubicon currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements, many of which are beyond Rubicon’s control. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Rubicon does not undertake, and expressly disclaims any duty to update these forward-looking statements, except as otherwise required by applicable law.


Investor Contact:
Sioban Hickie, ICR, Inc.

Media Contact:
Dan Sampson
Chief Marketing & Corporate Communications Officer