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Population growth, urbanisation, increasing industrialisation are causing a global problem of increasing waste with a projected increase in waste produced of 73% by 2050. This is why waste management and recycling is becoming a major issue across the world's economies, and the answer is smart waste management, provided by Sensoneo's solutions.

Sensoneo is a global technology leader delivering comprehensive solutions for the management of waste collection and for the management of single-use packaging backup schemes. Thanks to them, municipalities and companies can optimize costs, increase waste collection efficiencies, reduce urban pollution, increase the percentage of waste recycling and improve the quality of life of citizens.

Since the previous investment round closed in 2019, the company has been able to grow to a €4.0 million revenue level, a 9.5-fold increase, has customers in 74 countries and has delivered more than 17 thousand smart sensors at the end of 3Q. It already has a 5th generation of sensors on the market, which provides a huge global competitive advantage over the competition, which is usually limited geographically, due to the ability to connect to all kinds of IoT networks in the world.

The investment opportunity presents a unique opportunity for Crowdberry investors to participate alongside leading institutional investment funds in a Series A investment round. 

For more details on Sensoneo's intelligent waste management solutions, please refer to the key investment information document by clicking on the no-obligation expression of interest.

Opportunity

Sensoneo brings innovation to the world of waste, which is becoming one of the top topics of the civilized world and the No. 1 problem due to constant urbanization and increasing waste volumes.

Sensoneo provides innovative solutions for waste monitoring and collection logistics, consisting of smart ultrasonic sensors with IoT (Internet of Things) functionality, other hardware components, applications, software analytics platform as well as unique navigation for collection trucks developed in cooperation with Sygic, for the special needs of oversized waste collection vehicles. It enables companies operating municipal services and collection of mainly recycled waste, as well as cities, municipalities and citizens to monitor the real-time filling of waste containers.

The company also provides take-back systems (TBS), whose users include producers as well as government authorities under Extended Producer Responsibility (EPR) as well as solutions for Deposit Return Schemes (DRS). As an integrator of such solutions, with a track record of successfully implementing DRS systems nationwide in Slovakia, gaining implementation in Malta and another country, Sensoneo is the only company providing DRS in more than one country and is in an excellent position to gain additional customers and other countries in this area.

Sensoneo has a wide network of certified sales and implementation partners (40+), through which it acquires both government and private/commercial clients primarily in the US, Europe and Middle East markets.

About the company

Sensoneo has internally developed and offers a wide range of waste management solutions. 

ultrasonic smart sensors monitoring the fullness of containers, 

smart RFID tags for digitizing garbage cans with the possibility of recognizing dumpsters,

management software for managing daily operations and scheduling deliveries,

advanced analysis evaluating the efficiency of collection, bin placement and collection routes,

a unique navigation system developed in cooperation with Sygic for the special needs of oversized waste removal vehicles,

a mobile application for smart phones that informs citizens about the nearest free containers for a specific type of waste, their fullness, as well as the shortest route to them.

It also offers solutions for take-back systems (TBS) that meet the high demands and standards placed on the management of such schemes:

As part of its Extended Producer Responsibility (EPR), Sensoneo has expanded the functionality of its software platform and developed software that optimizes, streamlines, digitizes and automates the processes and relationships between all the different participants in such TBS. It thus provides organizations with a software solution with modules for all stakeholders (operator, collection points, logistics partners, waste processors) that digitizes key processes (logistics, waste stream tracking, reporting, etc.), automates and minimizes the amount of manual robots, and delivers accuracy and transparency.

In the context of deposit return systems (DRS), Sensoneo, as an integrator of such schemes, brings its software solution forming the backbone of the entire system, which optimizes, streamlines, digitizes and automates processes and relationships between all participants in the DRS scheme (customers, manufacturers, retailers, collection points, logistics, warehouses, government institutions, ...), such as transparent monitoring of deposit payments between manufacturers, retailers and customers, logistics, reporting, etc.

Product

The Sensoneo team is composed of more than 70 professionals with many years of experience from technology companies in the fields of software development and engineering, business, digital marketing, finance, logistics, etc. and is led by the pair of founders, Martin Basila, with more than 20 years of experience in managing complex IT projects, and Andrea Basilova, with more than 17 years of experience in marketing, communications and PR.

Team

According to the World Bank, 2.24 billion tonnes of waste was generated globally in 2020 (projected to rise to 3.88 billion tonnes in 2050), and of this, more than 33% was not managed to an environmentally acceptable level. The main drivers of waste growth are growing population, urbanisation and increasing industrialisation. The need for efficient treatment and recycling of waste, the development of smart cities and, last but not least, an increased emphasis on green solutions with regard to regulation are therefore essential. The smart waste solutions market is expected to reach a value of EUR 4.63 billion by 2027. The market is expected to reach $4.6 billion by 2022, growing at a compound annual average growth rate (CAGR) of 14.4% between 2022 and 2027. 

Smart waste management is dominated by North America with a 31% market share, especially the USA, where the number of "smart cities" is growing and expanding. Europe is the second market, with growth in this segment driven mainly by regulations adopted at national and supranational levels. Southeast Asia and the Pacific will achieve the highest compound annual average growth rate (CAGR), up to 27.5%.

Competition within the overall smart waste management market is consolidated, as the services and products offered are complex and it is also challenging to build an extensive network of partnerships. There are a few larger players in the market, which differ in the varying quality of the products and services offered and also in their geographic scope. Within the waste collection management division, the main competitors include Compology, Elte, Reen, Waste Vision, Nordsense, and Evreka. Most of the competitors are more narrowly focused and some are struggling with hardware and quality issues. RLG is the largest competitor in the collection system field and Tomra is the leader in deposit return systems.

The market and competition

There are over 10 competitors in the market, many with access to more financial capital. Moderate risk of greater marketing power of competitors and better market access through stronger partner networks. SENSONEO distances itself from competitors mainly on technology, breadth of products and solutions as well as price and exclusive focus and specialization on waste (not on other big IoT topics like traffic, parking etc.). It stands out in particular through its flexibility and connectivity optimization, which allows for wide deployment in different environments (cities/remote areas) while keeping costs low. The need to maintain a competitive advantage and a head start through the continuous evolution of both software and hardware.

The scalability of sales depends heavily on the ability to set up long-term partner relationships and cooperation conditions that guarantee high quality and at the same time bring SENSONEO sufficient long-term sales potential. SENSONEO is partly dependent on third parties such as partners for scalability. The scalability of production and logistics is dependent on the competence of the company's personnel. Mitigation of this risk lies in expanding the range of solutions and the scope of target end customers to other divisions (take-back system and deposit return system) as well as hardware components (watch-dog, RFID). It also lies in building a targeted network of qualified partners, whose training is highly demanding, as well as in reaching out directly to clients and then working with partners. The introduction of qualified and professional management for individual departments and functions with many years of experience in technology companies is another mitigating factor.

A significant risk is the speed of acceptance of a new type of product and service in the existing waste management market, which needs to be innovated. Expansion of geographic reach, which Sensoneo has been able to do by delivering its solutions to 70+ countries. Further strengthening of the sales team to increase capacity to handle incoming enquiries from the market is a prerequisite for sufficient conversion of business opportunities. The capacity expansion is planned to be funded from the upcoming investment round.

The main customer segment is cities and municipalities, whose ability to invest in innovative solutions can be influenced by the political environment and the budgeting period. Mitigating factors for this specific risk include promoting positive results from existing installations. Also international scaling, where there is a larger number of private waste companies than e.g. in the US and more interest in smart waste solutions. And last but not least, a higher representation of customers from the private/commercial segment – the company has acquired and operates waste management in several manufacturing factories. This segment is further developing and gradually winning more contracts in the area of factory waste management.

Risks

Global scaling of the business model – expansion (especially strengthening the position in the USA

Costs associated with finding top talent for the team to further develop the company

Costs associated with further component development

Investment purpose

DennikN.sk: Startup Sensoneo tretí rok za sebou rastie o 100 % a chce v tom pokračovať. Pomohlo mu zálohovanie plastových fliaš

Startitup.sk: Vďaka Slovákom Malta zavádza zálohovanie PET fliaš a plechoviek

Touchit.sk: Malta v spolupráci so slovenským Sensoneom začína zálohovať ako prvá stredomorská krajina

Sme.sk: Odpadový manažér: Chcem žiť v krajine, v ktorej sa o môj komunálny odpad budú biť

Sme.sk: Vedia, kedy je plný kontajner. Inovatívni Slováci sú lídrami v odpadoch

Touchit.sk: Asekol kompletne zdigitalizoval a automatizoval svoju prevádzku

Touchit.sk: Slovenský zálohový systém predstavili na odbornej konferencii v Birminghame

Euractiv.sk: Basilová zo Sensoneo: V odpadoch nevychádzame z dát, veľmi nám chýba informačný systém

Startitup.sk: Slovenský startup Sensoneo spája sily s dcérou Veolie. Chcú tak naštartovať rozvoj na medzinárodnom trhu

Media

Čo prináša smart manažment odpadov

Sensoneo 2022

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Jakub Bachratý

Crowdberry investors have already invested over €65 million in over 40 companies.

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