Canadian ESG data reporting software firm, Novisto, has secured US$20M Series B funding from Inovia Capital, Portage Ventures, SCOR Ventures, White Star Capital and Diagram Ventures. The Tech Factor finds out more details about the development.
Montreal-based ESG data reporting software company, Novisto, has secured its Series B funding. Inovia Capital led the round, while new investors Portage Ventures and SCOR Ventures participated. Novisto raises US$20M in the round, and existing investors, White Star Capital and Diagram Ventures, also joined the round.
Novisto is an enterprise software company that specializes in corporate sustainability management. Specifically, it helps businesses derive value from their Environment, Social, and Governance (ESG) strategy, data, and reporting. Founded in 2019, the Canadian startup has emerged as a leader in ESG data management. It aims to empower companies worldwide to streamline their sustainability management journeys and own their ESG narratives.
”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.”
Magaly Charbonneau, Partner at Inovia
The company has secured over US$29.5M in funding across rounds
Founded in 2019, Novisto first raised a CA$1.8M seed funding round by 2020, as per Crunchbase. Diagram Ventures had led the seed, after it had incubated the startup earlier. Following the seed round, Novisto soon raised its Series A round in 2021. White Star Capital led the US$8M Series A and Diagram Ventures again participated in the investment. [Tip: Read The Tech Factor’s latest Canada startup news].
A trio of experienced professionals founded the company: Marian Borca, Edouard Clement, and Charles Assaf. Their combined experience and knowledge in the technology and sustainability sectors have contributed to Novisto’s successful establishment and growth.
Marian is a seasoned software engineer and leader with deep experience in enterprise software development. Before co-founding Novisto, Borca worked at Element AI, where he served as a Director of Software Engineering. On the other hand, Edouard has extensive expertise in ESG data management. He was earlier the Senior Director at Sustainalytics, a leading provider of ESG research and ratings. And Charles has a background in business development and strategic growth in technology companies.
Also read: e2ip Technologies announces its US$120 million Series B round
Novisto raises Series B to expand product offering
Many companies now demand ESG data reporting as a standard requirement, with an increasing trend towards mandatory reporting. ESG factors are used to describe a company’s sustainability and ethical impact, helping investors make socially responsible choices.
As regulatory requirements and stakeholder expectations continue to evolve, Novisto’s aims to play a crucial role in enabling organizations to navigate the complexities of ESG reporting and ensure transparency and accountability in their sustainability efforts.
Novisto says that the funding will enable it to scale its product development, expand its customer base. It will grow its team globally to meet the increasing demand for ESG data management solutions. By entering new markets, Novisto will support companies worldwide in their sustainability journeys and provide them with the tools necessary to effectively track and report their ESG initiatives.
“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
Novisto currently has over 100 employees across North America and Europe. As per Tracxn, Actual Systems, Uniqus, Evizi, Plan A and even Salesforce also operate in this space.
