Enevo, a Finland-based waste collection analytics and services provider backed by contract electronics manufacturer Foxconn, has secured $12m in a funding round led by venture capital firm Lifeline Ventures.
Founded in 2010, Enevo has developed a software platform that helps cities manage their waste collection operations more effectively, devising optimal times and routes for waste collection based on sensors placed in dumpsters.
In tandem with the new funding, Enevo announced that it will now extend its waste and recycling management services to the retail, restaurant and commercial property sectors. It has now raised more than $34m in funding altogether.
Enevo received $15.8m in a July 2015 series B round co-led by Foxconn-affiliated VC firm Ginko Ventures and tartup hub Mistletoe that included Lifeline Ventures, Earlybird Venture Capital, Finnish Industry Investment and undisclosed private investors.
Earlybird, Lifeline, Finnish Industry Investment, Draper Associates and private investor Risto Siilasmaa hadpreviously supplied $8m in funding for Enevo in 2014.
The company had raised €2m ($2.2m) in a 2013 seed round featuring Finnish Industry Investment, Lifeline and DreamIt Ventures, which came after €200,000 in a 2012 angel round.
Fredrik Kelalainen, Enevo’s chief executive, said: “Enevo started as a sensor company providing data from dumpsters. We soon learned that was only half of our story.
“What our customers need is not more data or new technology to manage. The true value we offer is the peace of mind that comes with Enevo as their single point of contact for waste services.”
– Image courtesy of Enevo Oy.