Enevo secures funding from Foxconn, others

Finnish waste and recycling routing system provider receives $15.8 million in financing.

July 3, 2015

Finland-based waste and recycling logistics systems provider Enevo has received $ 15.8 million in funding from Taiwan-based contract manufacturer Foxconn; Switzerland-based venture capital firm Ginko Ventures; and Japan-based startup funding firm Mistletoe Inc.

Enevo provides what it calls “fully automated waste logistics operations management solutions” designed to “create and forecast optimal waste collection schedules and routes.” The company says its Enevo ONe systems are currently used in 35 countries by 145 customers.

“Operational efficiencies due to Enevo ONe are transformational to city waste management operations,” says Fredrik Kekäläinen, founder and CEO of Enevo. “Robust and care-free sensors, predictive analytics and automatically generated dynamic schedules and routes are how waste collection in cities will be managed in the future.”

“Enevo’s team has made its global vision a reality with focused execution and smart waste logistics systems already running from the U.S. to Japan,” says Jean-Francois Baril, founder and managing partner at Ginko Ventures. “This is in full alignment with the type of company that Ginko is passionately seeking to back. IoT (Internet of things) will transform many industries, and Enevo’s plug-and-play solution and frictionless business model are truly changing the waste management industry,” he adds.

Says Enevo’s Kekäläinen, “With Foxconn as a strategic partner, we can make a paradigm shift in our wireless sensor hardware development and expand [our] 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.”