Ginko Ventures leads $15.8m round for Enevo

The funding round also saw participation from existing investors Earlybird, Lifeline Ventures and Finnish Industry Investment, in addition to new and existing private investors.

With the new investors and capital on board, Enevo will look to expand into additional sectors and new markets, such as Japan.

To date, Enevo has raised nearly $30m across three 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.

Company
Founded in 2010, Enevo provides a waste collection system that relies on 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%.

Enevo's product is currently used in 35 countries. The company is headquartered in Espoo and has offices in Boston, the UK, Hong Kong, Japan and Germany.

People
Jean-Francois Baril is founder and managing partner at Ginko Ventures. Fredrik Kekäläinen is the CEO of Enevo.

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• Topics
• Nordics
• Industrials
• Expansion
• Finland
• Earlybird
• Tekes
• Finnish Industry Investments