Enevo raises 10M euro more in investment for expanding its waste solutions in the USA.
Enevo, an Espoo, Finland-based company providing waste and recycling services and analytics solutions, closed a new investment round of EUR 10M ($12M).
The money comes from its existing investors and will be used to further expand the business in the United States market.
Enevo, founded in 2010 by Johan Engström and CEO Fredrik Kekalainen, develops and sells intelligent waste management solutions to cities. By collecting and analysing data from refuse containers across the world, Enevo is able to create efficiencies and cut the cost of waste collection and incentivise recycling. Enevo simplifies, de-risks and optimises the waste management process, helping to make a sustainable waste-free environment a more achievable proposition.
The company has raised over $26M in private equity funding to date and in 2016 it recorded EUR 2.8M ($3.5M) in sales and lost EUR 7M ($8.5M). In 2016, Enevo received €15m loan from European Investment Bank.
Enevo has 39 employees, and is headquartered in Espoo, Finland, with other offices in the US, UK, Germany and Japan.