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Enevo secures $8m to fund international expansion

28 Aug 2014

finlandFinnish trash bin sensors maker Enevo has raised an $8m round to fund its international expansion plans.

The round was backed by Earlybird, Lifeline Ventures, Finnish Industry Investment and Draper Associates.

Enevo, which is based in Espoo, Finland and Boston provides technology that optimises optimizes waste collection by analyzing fill-level and operations data from its network of small wireless sensors in waste containers and recycling sites.

The sensors send data to Enevo servers for advanced analysis, modeling and predictions for waste management companies and municipalities to optimize their fleet utilization, service costs and fuel consumption.

Draper Associates founder Tim Draper said, “Enevo has identified huge inefficiencies in an old fashioned gigantic industry that has not yet been touched by technology and we believe the waste management industry is ripe for disruption.

“Enevo is transforming the entire waste collection industry, just like Uber did for the taxi industry and Airbnb for the hotel industry.”

One of the company’s backers, Earlybird, closed its Digital East Fund on €130m earlier this year.

In July last year Earlybird held a final close of $290m for its fourth European seed fund.

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