Novisto Secures USD$20 Million in Series B Funding to Lead the ESG Reporting Revolution
Novisto triples revenue, customers, and employee headcount year-over-year, emerging as the global leader in ESG data management and raising the bar for the industry
MONTREAL, May 24, 2023 /PRNewswire/ -- Novisto, a Montreal-based ESG data management software company, has successfully raised USD$20 million in a Series B funding round, led by Inovia Capital. The round includes new investments from Portage and SCOR Ventures, and participation from existing investors White Star Capital and Diagram Ventures. Novisto will use these funds to accelerate its product development and market expansion.
As the demand for standardized, audited, and digitized corporate sustainability reporting grows, ESG reporting has become a critical requirement for companies worldwide. With governments such as the European Commission and regulators such as the U.S. Securities and Exchange Commission (SEC) heeding the call for regulated sustainability-related disclosures, organizations need a structured and organized approach to accurately define and address complex ESG issues, opportunities, and challenges. Novisto's comprehensive data management platform provides a solution that enables companies to future-proof their ESG data and reporting against more stringent disclosure requirements.
The sustainability reports companies release today lack standardization and are failing to provide actionable information to enable investors and other stakeholders to make ESG-related decisions. A structured ESG strategy is essential for companies to align their values with their actions, manage risk, and drive long-term value creation. Novisto has 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.
"We are thrilled to have the support of such a strong group of investors as we continue to grow and expand our platform," said Charles Assaf, CEO and co-founder of Novisto. "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."
The funding 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. 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.
''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" said Magaly Charbonneau, Partner at Inovia. "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.''
"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," said Hélène V. Gagnon, Chief Sustainability Officer and Senior Vice President, Stakeholder Engagement at CAE. "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."
Launched in 2019, Novisto has over 100 employees located in North America and Europe and is headquartered in Montreal, Canada. To learn more, please visit www.novisto.com.
About Novisto
Novisto contributes to the sustainability of the economy, environment, and society by empowering companies to make better decisions and disclosures through our ESG data management software. Founded in Montreal in 2019, Novisto is building the ERP for ESG, enabling companies to leverage a data-centric approach to better report on and manage their sustainability-related issues. Novisto is a private company backed by Inovia, White Star Capital, Diagram Ventures, Portag3 Ventures and SCOR Ventures. For more information, please visit: www.novisto.com.
SOURCE Novisto
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