FairSupply Raises $6.3m in Series A
FairSupply, a cutting-edge environmental, social, and governance SaaS platform, has announced a $6.3 million series A round led by AirTree, with participation from Tidal, Minderoo Foundation, and an early adopter of the programme, QIC.
The money will be used to launch new products and expand into international markets. It comes at a time when environmental, social, and governance (ESG) reporting regimes are becoming more popular around the world. For example, regulators in the UK, EU, Australia, and Japan are all cracking down on companies that try to make themselves look better than they really are.
Kimberly Randle, an expert in human rights law, and Dr. Arne Geschke, one of the world's best industrial mathematicians and supply chain academics, started the SaaS startup in 2019. It has since become one of the most well-known ESG platforms in the world.
FairSupply helps companies and institutions see ESG risk in their supply chains and investment portfolios. Some of these factors are modern slavery in the supply chain, Scope 3 carbon emissions, biodiversity, and water risk.
In its short history, the company has already achieved two world firsts: modern slavery footprinting and extinction-risk footprinting. It has also analysed over $750 billion worth of procurement and investment data for some of Australia's biggest and most respected companies, such as AustralianSuper, the Queensland Investment Corporation, Synergy Energy, and the famous Australian store RM Williams.
The proprietary software gives the world's most detailed view of the global economy. It maps over 60 billion global supply chains so that companies can track Scope 3 carbon emissions, modern slavery, and biodiversity up to ten layers deep in their supply chains.
FairSupply CEO and Co-founder Kimberly Randle said:
"I founded the company because companies were scrambling for solutions in what was becoming an increasingly complex space.
“The global total addressable market for companies required to identify, address, and mitigate ESG risks in their supply chains and investment portfolios is rapidly increasing. But, even though there is more pressure from society and the government to report on ESG impacts, it has never been harder to measure and collect this data, especially when evaluating ESG further down the supply chain. And while many companies have good intentions and want to prioritise ESG, the vast majority don’t have access to the knowledge or tools to properly assess, understand, and make informed decisions to improve their ESG rating – but we’re changing that”.