Enevo completes $8m funding round

Other investors in the round include Lifeline Ventures, Draper Associates and business angel Risto Siilasmaa.

The Espoo-based business will use the fresh capital to improve its services and grow in existing markets in North America and Europe, as well as move into new markets in the Middle East and Asia.

Previous funding
In 2013, Enevo received €2m in a funding round led by Lifeline and Finnish Industry Investment, and has previously received funding from Tekes, the Finnish government's funding agency for innovation.

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 aim of the system is to allow customers to use their trash collection fleets in the most efficient way, saving on service costs and fuel consumption.

Enevo's product is currently used in 25 countries. The company has offices in Espoo and Boston.

People
Partner Henrik Brandis worked on the deal for Earlybird, while founder Tim Draper represented Draper Associates. Fredrik Kekäläinen is the co-founder and CEO of Enevo.

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