Enevo Secures $12M in Funding to Accelerate Expansion into Waste Services
BOSTON, Sept. 28, 2017 /PRNewswire/ -- Enevo formally announced today the company's expansion into waste and recycling services. Building upon its industry-leading dumpster sensor technology and waste analytics business, Enevo now offers full management of waste services for new and current restaurant, retail and commercial property customers.
Enevo received $12M in its latest funding round, led by Lifeline Ventures and existing international investors, accelerating the introduction of waste services in North America and key European regions earlier this year.
Enevo dumpster with sensor.
"Enevo started as a sensor company providing data from dumpsters. We soon learned that was only half of our story," said Fredrik Kekalainen, founder and CEO of Enevo. "What our customers need isn't more data or new technology to manage. The true value we offer is the peace of mind that comes with Enevo as their single point of contact for waste services."
Using proprietary analytics software, Enevo account managers monitor around-the-clock sensor data to manage alerts, compare dumpster pickups against collection schedules and work with haulers to adjust service levels to meet actual needs. Most customers see significant waste management cost savings within the first month after starting service.
In onboarding new customers, Enevo found that about nine percent of scheduled waste collections are missed without their knowledge, and 21 percent of sites need service levels adjusted. Within the first 90 days of working with Enevo, these numbers improve.
"Our customers and hauler partners no longer rely on assumptions to predict waste needs," Kekalainen said. "Enevo is uniquely positioned to handle all waste operations for our customers. We work with hauler partners to make data-driven, site-specific changes, resulting in simplified, less expensive waste management for restaurant, retail and commercial property operators."
About Enevo Enevo works with its customers to transform the financial, environmental and social impact of waste. Founded in 2010, Enevo began in Finland providing waste data from dumpster sensors using its proprietary analytics software. Enevo now provides full management of waste and recycling services for restaurant, retail and commercial property customers throughout North America. Enevo has raised more than $34M in private equity funding to date and continues to invest in technology and new processes to deliver the peace of mind its customers need.