- Higg recently announced it raised $50 million in Series B funding. These are the details.
Higg, a sustainability insights platform for the consumer goods industry, announced it raised $50 million in Series B funding. The funding round is co-led by technology growth investor Silversmith Capital Partners and Tom Steyer and Katie Hall’s Galvanize Climate Solutions, along with participation by Series A partners Titan Grove and Buckhill Capital. And with close to 50,000 brand and manufacturer users in 100+ countries, Higg enables continuous improvement of supply chain sustainability—across not only carbon but water, energy, and labor impacts as well. This funding round will accelerate Higg’s delivery of innovative technology solutions and its rapid expansion into new consumer goods categories such as outdoor, automotive, toys, and home goods.
Higg’s Series B comes as companies face growing expectations for ESG (environmental, social, and governance) accountability and disclosure. And regulations are currently being developed in the EU and US for supply chain due diligence, in addition to recent guidelines for product labeling and sustainability claims. Shoppers are also seeking greater product-level transparency about the goods they purchase.
Data on the Higg platform is used to design more sustainable products, expand worker well-being, and identify suppliers with reduced impact across emissions, water, chemicals, and waste. And while many sustainability solutions offer high-level estimates of a business’ impact, Higg provides primary data specific to a business’ sourcing and value chain, within consistent, comparable industry frameworks. This unique top-down bottom-up approach to performance data has distinguished Higg in a growing market.
Higg had launched in 2019 as a public-benefit technology company to build software for the Higg Index tools (developed and owned by the Sustainable Apparel Coalition). And this standardized measurement framework for environmental and social performance has become the most widely used within the apparel and footwear industry. Designed for easy exchange of data between brands and their manufacturing partners, Higg has seen rapid adoption across the sector and driven steady improvement in performance scores—providing a model for other consumer goods categories for industry-wide transformation.
Recently, Higg has begun to host additional assessments, partnering with the Apparel Impact Institute (Aii) to offer a new carbon management program for manufacturing facilities. And Higg has also expanded the capabilities of its platform to include advanced analytics, supplier performance dashboards, and product-level impact disclosures, and now enables integration of its data into external product lifecycle management systems.
KEY QUOTES:
“In this new era of expectations, more businesses will be required to have credible impact data about their supply chains. “The truth is that measuring owned operations is easy. For consumer products companies, the challenge is obtaining accurate data on the non-owned factories that make the goods—and on the materials and products themselves.”
“That’s why we’re thrilled to have Silversmith and Galvanize supporting us. Silversmith brings experience in SaaS innovation that’s needed to scale our technology and Tom Steyer’s effort at Galvanize is the perfect complement given their emphasis in climate solutions. We’re excited to tap into their expertise so that Higg becomes a critical source for ESG information through the value chain and across sectors.”
– Higg CEO Jason Kibbey
“What the Higg team has done in marrying powerful and easy-to-use software with proprietary sustainability data has the opportunity to transform the footprint of entire industries. In this case software is not only eating the world, but changing it for the better. We are excited to partner with Jason and his entire team as they continue to scale and ensure consumers have better insights on environmental and social impact when making purchasing decisions.”
– Todd MacLean, Managing Partner at Silversmith Capital Partners
“While we urgently need improvements in carbon and clean energy, Higg is accelerating transformation across the board. Reimagining sustainability within consumer goods is an interconnected challenge, and Higg’s technology addresses this throughout the supply chain.”
– Tom Steyer, Co-Chair of Galvanize Climate Solutions
“Higg is uniquely driving reduced carbon emissions in the world’s largest emitting markets, including China and India, as well as global improvements in labor conditions. The new capital and strategic partnerships with Galvanize and Silversmith empower our exceptional executive team to enter new industries and to dramatically accelerate our urgent work toward global carbon reduction.”
– Jeffrey Tannenbaum, Chairman of Titan Grove
“When we began supporting Higg in 2018, we knew the marketplace for ESG data would expand rapidly. Given the impact we’ve seen in apparel and footwear, our dream is to make Higg as universal and ubiquitous as the bar code—something which lies at the heart of every consumer goods business and drives more informed choices for companies and shoppers alike.”
– Henrik Jones from Buckhill Capital
