Finland-based waste logistics management technology provider Enevo has raised $15.8m in a series B round co-led by contract manufacturing company Foxconn.
Foxconn-affiliated venture capital firm Ginko Ventures and VC firm Mistletoe co-led the round, which also included Earlybird Venture Capital, Lifeline Ventures, Finnish Industry Investment and undisclosed private investors.
Enevo’s platform, One, was developed to be used by smart cities to manage their waste collection operations. The service, which devises the optimal times and routes based on sensors that gather data on how full bins are, has been rolled out in cities across 35 countries to date.
The company secured $8m in series A funding in August 2014 from backers including Earlybird, Lifeline, Finnish Industry Investment, Draper Associates and Risto Siilasmaa.
Finnish Industry Investment, Lifeline and DreamIt Ventures had earlier provided €2m ($2.2m) in a seed round in 2013, after Enevo had raised a €200,000 angel round in 2012 from Lifeline and four angel investors.