Photo: enevo.com
Waste management innovator Enevo has caught the attention of international investors. In its latest investment round the company raised altogether 14.3 million euros in funding from both new and old investors. The news was reported by the newspaper Helsingin Sanomat.
Following the successful investment round, Enevo’s owners include Foxconn from Taiwan and its investment company Ginko Ventures, and the Japanese company Mistletoe. The electronics company Foxconn is known as a manufacturer of iPhones and other Apple devices, while Mistletoe is the investment company of Taizo Son, the current owner of the Finnish games studio Supercell.
Enevo manufactures sensors that are installed inside waste containers to monitor their fill-levels. The data sent by the sensors creates savings for waste management companies by making it unnecessary to empty partially filled containers. The environment also benefits through a reduction in fleet utilisation.
Enevo’s CEO Fredrik Kekäläinen told Helsingin Sanomat that the company’s sensors will be found in 30 000 waste containers by the end of this year. A few thousand of these can be found in Finland. Within a few years’ time, the company intends this number to exceed one million containers.
The ambitious targets have increased the five-year-old company’s value: based on the new investment round Kekäläinen estimates Enevo’s value to be 75 million euros.
Article published in cooperation with Good News from Finland.
