Lifeline Ventures leads $12m round for Enevo

With Lifeline Ventures and new capital on board, Enevo intends to expand the waste services it introduced in North America earlier this year.

To date, the firm has raised approximately $34m in private equity funding across four funding rounds.

Previous funding
Enevo received its first major venture funding in 2013 through a €2m investment led by Lifeline and Finnish Industry Investment, having previously received funding from Tekes, the Finnish government's funding agency for innovation.

In August 2014, the company raised a further $8m, when Earlybird Ventures and Draper Associates joined the company's backers.

In July 2015, Swiss VC Ginko Ventures led a $15.8m funding round, alongside Japanese venture firm Mistletoe and Foxconn, a Taiwanese electronics contract manufacturer and one of Ginko's LPs.

Company
Founded in 2010, Enevo provides a waste collection system that uses sensors in waste containers and recycling sites to maximise efficient waste-collection services by waste management companies.

The system aims to allow customers to use their trash collection fleets in the most efficient way, saving on service costs and fuel consumption, with Enevo claiming cost savings of up to 50%.

The company is headquartered in Espoo and has offices in Boston, the UK, Hong Kong, Japan and Germany.

People
Lifeline Ventures – Timo Ahopelto (founding partner).
Enevo – Fredrik Kekäläinen (CEO).

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• Topics
• Expansion
• Nordics
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• Finnish Industry Investments
• Venture