Jun 30, 2015 Liina Hilkamo
Enevo provides a fully automated solution for waste logistics operations management, Enevo ONe. It uses wireless sensors to measure and forecast the fill-level of waste containers and generates smart collection plans. According to the company, the solution provides up to 50% in direct cost savings.
The company has earlier secured $10.3 million funding in 2012 and 2013 by Earlybird, Lifeline Ventures, Finnish Industry Investment and private individuals. Enevo’s newest investment is the fourth largest series B investment in the Nordics over the past four years. Only Supercell and Truecaller raised larger growth financing at bigger valuations. Supercell is now worth a rumoured $5.5 billion, while Truecaller is closing in on the $1 billion mark.
Enevo, founded in 2010, has attended Slush for several years. In 2013, the founder and CEO of the company, Fredrik Kekäläinen, talked about their future to Slush News: “We get our kicks from knowing that we can and will transform the traditional industry to the better. Seeing how smart technology and new perspective can bring benefits for everyone is truly exciting. We feel what we do has real value and eventually touches everyone – globally.”
Enevo’s new investors include Mistletoe, a private company owned by the Japanese serial entrepreneur Taizo Son, who bought 51% of Supercell’s shares together with his brother Masayoshi Son in 2013, and Foxconn, a Taiwanese company known as the manufacturer of iPads, iPhones, Kindles and more. Ginko Ventures, founded in 2015, is a venture capital firm focusing primarily on European and Israeli companies.
“Enevo’s team has made its global vision a reality with focused execution and smart waste logistics systems already running from the US to Japan. This is in full alignment with the type of company that Ginko is passionately seeking to back. IoT will transform many industries, and Enevo’s plug-and-play solution and frictionless business model are truly changing the waste management industry”, comments Jean-Francois Baril, founder and managing partner at Ginko Ventures.
“With Foxconn as a strategic partner, we can make a paradigm shift in our wireless sensor hardware development and to expand solution to additional verticals globally. Mistletoe opens up a broad network in Japan, one of our focus markets, as well as globally in the IoT, smart city and telecoms industries”, adds Kekäläinen.
In addition to Espoo, Enevo nowadays has offices in Boston, Hong Kong, United Kingdom, Japan and Germany.
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