ESG Insight Platform FigBytes Gets USD 14.5 Million Expansion Funding
Canadian company FigBytes has received funding of USD 14.5 million for its expansion and enhancement of ESG practices, helping them to effectively manage, track and report on ESG goals that include water stewardship, carbon accounting, diversity, equity and inclusion. The first round of incremental funding, of USD 10 million, was completed by its existing investor, Quantum Innovation Fund, an affiliate of Quantum Energy Partners. The second funding, primarily a debt facility of USD 4.5 million, was undertaken by Silicon Valley Bank.
This is a major victory for companies looking to reduce their environmental impact by making use of software like FigBytes to monitor, track and manage their sustainability activities via a single platform. Companies can easily track data and get a simplified report on ESG goals like carbon accounting, water usage and overall regular supply chain activities. The company is planning to use these funds to expand its reach in countries like North America, Europe and India for a more global vision of implementing ESG effectively.
Talking about the funding, FigBytes CEO and founder Ted Dhillon said, “We’ve always felt that ESG needs to be addressed as a whole. Carbon emissions, water consumption, supply chain impacts - it’s all part of the same big picture. We make it easy for customers to see that big picture, all at once, in real-time, with perfect fidelity, then to share it interactively with stakeholders. That’s where the real impact lies: supporting the people making decisions that drive ESG and sustainability performance.”
The importance of ESG is increasing day by day for companies, investors and businesses alike, and with sustainability a key strategic goal, many companies are developing or adopting ESG software technologies to streamline the ESG reporting process. For example, Benchmark ESG Reporting software provides digital sustainability and ESG reporting solutions to help companies use transparent, accurate and on-time investment grade data to revert to their regulators, investors and stakeholders. Similarly, another popular ESG software reporting tool, Onspring, provides automated live reporting and workflows.
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