Util Successfully Concludes £5.3 Million Seed Funding to Support its US Expansion
Util, a provider of sustainability data, has closed a £5.3 million seed round of funding. The funding, led by Eldridge, will help the London-based firm expand into the United States.
The round also included the Luxembourg Stock Exchange (LuxSE), the Chicago Board Options Exchange (CBOE Global Markets), and founding investor Oxford Science Enterprises (OSE).
“We’re delighted CBOE and LuxSE share our vision and look forward to working together to integrate sustainability intelligence into the global financial system,” said Patrick Wood Uribe, Util CEO.
Customers like PGIM Quantitative Solutions, Nuveen, and Danske Bank Asset Management work with Util to research companies, report on portfolios and create different financial products that are benchmarked against material sustainability issues.
Julie Becker, the CEO of LuxSE, said that Util's main goal fits perfectly with the exchange's mission to help sustainable finance grow.
“As we accelerate the climate transition, it is increasingly important to be able to map the social and environmental impact of companies,” she added.
“A growing number of investors are now seeking solid sources of sustainability data to evaluate the positive or negative SDG contributions of different companies, as this allows them to make informed investment decisions that reflect their sustainability objectives.”
Riaz Shaikh, who used to be the global head of data analytics strategy in investment banking for Credit Suisse, was recently hired to lead product development.
Mike Goynes became Util's CTO earlier this year. Before that, he was the chief data officer at Interos, a supply-chain AI company.
Source: Business Cloud