Novisto – a. ESG data management software company – announced it has raised $20 million in a Series B funding round led by Inovia Capital. This funding round includes new investments from Portage and SCOR Ventures and participation from existing investors White Star Capital and Diagram Ventures. And Novisto will use the funding to accelerate its product development and market expansion.
The demand for standardized, audited, and digitized corporate sustainability reporting is growing and ESG reporting has become a critical requirement for companies worldwide. And with governments like the European Commission and regulators such as the U.S. Securities and Exchange Commission (SEC) heeding the call for regulated sustainability-related disclosures, organizations require a structured and organized approach to accurately define and address complex ESG issues, opportunities, and challenges. Novisto’s comprehensive data management platform essentially provides a solution that enables companies to future-proof their ESG data and reporting against more stringent disclosure requirements.
The sustainability reports that companies are releasing lack standardization and are failing to provide actionable information to enable investors and other stakeholders to make ESG-related decisions. And a structured ESG strategy is essential for companies to align their values with their actions, manage risk, and drive long-term value creation. Novisto quickly emerged as a leader in ESG data management, supporting major global companies — including Asana, Manulife, and Sanofi, among others — to improve their ESG data collection and reporting, in order to better manage key sustainability risks and opportunities and drive long-term value creation.
This funding round will enable Novisto to scale its product development and continue to provide best-in-class ESG data management solutions to its new and existing customers across a wide range of companies, industries, and geographies. And the funds will also be used to grow Novisto’s existing customer base as well as expand the team across the globe to support the exponential increase in demand for ESG data management.
KEY QUOTES:
“We are thrilled to have the support of such a strong group of investors as we continue to grow and expand our platform. This funding round will allow us to further develop our product offering and continue to provide our customers with the best possible solutions for ESG data management, so that they can make better decisions that contribute to the sustainability of the economy, environment, and society.”
— Charles Assaf, CEO and co-founder of Novisto
‘‘Consistent with our mission of supporting global enduring tech companies, we’re honored to work with Novisto, as they progress in their objective of creating a more sustainable future, It’s a critical time for sustainability initiatives to be taken seriously, and Novisto’s platform helps companies produce quality, audit-ready ESG data that enables them to make quantifiable, meaningful change.‘’
— Magaly Charbonneau, Partner at Inovia
“As a publicly-traded company, data is foundational to how we earn the trust of our stakeholders and we have a longstanding commitment to industry-leading ESG disclosure, Novisto is supporting us on enhancing the accuracy and robustness of our ESG data while strengthening data accountability across the organization. We’ve been with Novisto since its launch and we’re proud to continue our work to develop transparent reporting that reflects the progress of our ESG program.”
— Hélène V. Gagnon, Chief Sustainability Officer and Senior Vice President, Stakeholder Engagement at CAE
