Novisto, a Montreal-based technology firm focused ESG solutions, successfully secures $20 million in funding
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Loading... - Justin Black
- 25 May 2023
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Novisto, an ESG technology firm based in Montreal, has successfully secured a significant amount of funding amounting to $20 million in a Series B funding round. Inovia Capital took the lead in this funding round, with additional investments from Portage and SCOR Ventures. Notably, existing investors White Star Capital and Diagram Ventures also participated in this round. The newly acquired funds will be instrumental in accelerating Novisto's product development endeavors and facilitating the expansion of its market reach.
The global demand for standardized, audited, and digitized corporate sustainability reporting has been on the rise. As a result, ESG reporting has become a critical requirement for companies across the globe. Recognizing this trend, governmental bodies such as the European Commission and regulatory authorities like the U.S. Securities and Exchange Commission (SEC) have emphasized the need for regulated sustainability-related disclosures. To comply with these requirements, organizations must adopt a structured and organized approach to effectively address the complex ESG issues, opportunities, and challenges they face. Novisto's comprehensive data management platform offers a viable solution, enabling companies to future-proof their ESG data and reporting against increasingly stringent disclosure standards.
Presently, sustainability reports released by companies lack standardization and fail to provide actionable insights that can guide investors and other stakeholders in making informed ESG-related decisions. Therefore, implementing a structured ESG strategy becomes crucial for companies to align their values with their actions, manage risks, and foster long-term value creation. Novisto has swiftly emerged as a leading player in ESG data management, assisting major global companies such as Asana, Manulife, and Sanofi, among others, in enhancing their ESG data collection and reporting processes. By doing so, these companies can effectively manage crucial sustainability risks and opportunities while driving long-term value creation.
Charles Assaf, CEO and co-founder of Novisto, expressed his enthusiasm about the support received from a formidable group of investors during the company's growth phase. He emphasized that this funding round would enable Novisto to further develop its product offerings and deliver exceptional ESG data management solutions to customers. The objective is to empower these organizations to make better decisions that contribute to the sustainability of the economy, environment, and society.
The infusion of funds will facilitate Novisto's scalability in product development and its ability to provide top-notch ESG data management solutions to both existing and new customers, spanning various industries, companies, and geographical locations. Moreover, the funds will be utilized to expand Novisto's customer base and establish a global team capable of meeting the exponentially growing demand for ESG data management.
Magaly Charbonneau, a Partner at Inovia, expressed the company's commitment to supporting enduring tech companies on a global scale. In collaboration with Novisto, Inovia aims to contribute to the creation of a more sustainable future. Charbonneau emphasized that the current climate calls for serious attention to sustainability initiatives, and Novisto's platform empowers companies to generate high-quality, audit-ready ESG data, which, in turn, enables them to drive quantifiable and meaningful change.
Hélène V. Gagnon, Chief Sustainability Officer and Senior Vice President of Stakeholder Engagement at CAE, a publicly-traded company, highlighted the significance of data in building trust with stakeholders. CAE has long been dedicated to industry-leading ESG disclosure, and Novisto plays a crucial role in enhancing the accuracy, robustness, and accountability of their ESG data throughout the organization. Gagnon expressed pride in their ongoing collaboration with Novisto and their joint efforts to develop transparent reporting that reflects the progress of CAE's ESG program.
