Novisto, a provider of software for ESG (Environmental, Social, and Governance) data management, has announced that it has raised $20 million in funding. The proceeds from this financing round will be used to accelerate the development of the company’s products and expand its presence in the market.
Founded in 2019 and based in Montreal, Novisto offers enterprise software that automates the collection and consolidation of sustainability data. This allows companies to effectively monitor and report on their ESG activities and gain valuable insights for decision-making purposes. This Series B funding round follows a previous capital raise of $8 million in Series A funding that the company secured in 2021.
Novisto stated that the additional funding will enable them to expand their product development efforts, increase their customer base, and grow their global team. The demand for ESG data management solutions is rapidly increasing as ESG reporting becomes more critical for companies worldwide.
Charles Assaf, CEO and co-founder of Novisto, expressed that the funding round will support the company’s ongoing commitment to providing top-notch solutions for ESG data management. Their goal is to empower their customers to make informed decisions that contribute to the sustainability of the economy, environment, and society.
The funding round was led by Inovia Capital, a venture capital firm, and included participation from new investors such as Portage Ventures and SCOR Ventures. Existing investors White Star Capital and Diagram Ventures also took part in the funding round.
Magaly Charbonneau, Partner at Inovia, said:
“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.”
