Smart City waste logistics system provider Enevo receives $ 15.8 million funding led by Foxconn, Ginko Ventures and Mistletoe from Japan

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Picture: Enevo

Enevo, the leading provider of waste logistics solutions for Smart Cities, today announced a $ 15.8 million funding round led by Foxconn, Ginko Ventures and Mistletoe, with Earlybird, Lifeline Ventures, Finnish Industry Investment and private individuals joining as existing investors. Enevo has earlier secured $ 10.3 million funding in 2012 and 2013.

Enevo’s ONe waste logistics operations management solution uses smart fill-level sensors, advanced analytics and a cloud based dynamic scheduling and routing engine to provide the most efficient waste collection operations for entire cities. The ONe solution is being deployed in 35 countries by 145 customers, bringing direct cost savings up to 50% together with higher service quality as overflowing bins and unnecessary fleet utilization are eliminated.

“Operational efficiencies due to Enevo ONe are transformational to city waste management operations. 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”, comments Fredrik Kekäläinen, Founder and Chief Executive Officer of Enevo.

“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”, said Jean-Francois ‘Janne’ 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 Mr. Kekäläinen.

“Cleantech is one of the focus areas of our Industrial Renewal investment programme. The efficiency, quality and labour productivity of conventional sectors such as waste handling can be significantly improved by deploying smart and rapidly scalable new IT solutions, such as Enevo’s ONe service. The need is global and growing,” says Finnish Industry Investment’s Investment Director Heli Ahlroos.

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Enevo Ltd
Enevo Ltd is the maker of ONe, the comprehensive waste logistics solution that saves time, money and the environment. It uses wireless sensors to measure and forecast the fill-level of waste containers and generates smart collection plans using the most efficient schedules and routes. The solution provides up to 50% in direct cost savings for smart cities with higher quality as overflowing bins and excess fleet utilization are eliminated. Founded in 2010, Enevo is headquartered in Espoo, Finland, with offices in Boston (US), United Kingdom, Hong Kong, Japan and Germany.

Ginko Ventures
Founded in 2015, Ginko Ventures is a venture capital Firm targeting technologies, devices and solutions that will improve the way people work, play and live. We primarily focus on investments in European and Israeli companies whose technologies have the potential to rapidly access global markets. Together with our limited partner Foxconn, we are also keen on creating tangible industrial leverage for our portfolio companies. Our mission is to enable sustainable partnership between industry leaders and amazing entrepreneurs for disruptive innovations and superior value creation.

Established in 1974, Foxconn Technology Group (“Foxconn”), under the leadership of Founder and CEO Terry Gou, offers the most competitive production manufacturing technology in the world. A recognized global industry leader, Foxconn created the 3C OEM service business model, eCMMS, incorporating vertical integration of mechanical, optical and electronic components. Foxconn offers many of the world’s leading companies a one-stop integrated manufacturing solution. Foxconn has in recent years expanded into technology services, providing customers the most comprehensive solutions for their technology and manufacturing needs. In addition to maximizing value creation for customers, Foxconn is also dedicated to enhancing the concept of environmental protection in the manufacturing process. In addition to being a trusted partner for its customers, Foxconn is working to be a best-practices model for global enterprises.

Mistletoe, Inc.
Mistletoe, Inc. is a private company lead by Taizo Son, a serial entrepreneur in Japan. Mistletoe creates, supports, and invests in unique startups which will innovate our way of life and society. 

Established in 1997, Earlybird has raised over €700 million ($900 million) in fund commitments. We have backed 100 companies, some of which have sparked significant innovations in business and technology and resulted in large scale ($1bn+) IPOs and trade sales. Earlybird backs European companies with global ambitions and our active portfolio currently includes 29 companies across the consumer Internet and enterprise services space.

Lifeline Ventures
At Lifeline Ventures, we invest in strong founders in sectors we know by heart from our experience as entrepreneurs. Due to our background, we often start working with founders before they have launched their first product. Our goal is to be the first person the entrepreneur reaches out to in times of trouble and joy. So far, we have invested 50 companies including category-leaders such as Applifier, Enevo, Moves app, Supercell, uBiome, Valkee and ZenRobotics.

Finnish Industry Investment Ltd
Finnish Industry Investment Ltd is a government-owned investment company that promotes Finnish business, employment and economic growth through venture capital and private equity investments. Finnish Industry Investment invests in companies both directly and through private equity funds, together with and on the same terms as private investors. With 900 million euros in assets under management, the company is currently an investor, directly and through funds, in altogether 610 companies.

Public innovation funding
In addition, Finland’s technology funding organizations Tekes (the Finnish Funding Agency for Innovation) and Finnvera (a specialized finance company owned by the State of Finland) have extended R&D and working capital loans to Enevo.