Novisto Raises $20M in Series B to Lead ESG Reporting
Novisto, a software company based in Montreal specialising in ESG data management, has successfully secured a Series B funding round of USD 20 million.
Inovia Capital led the round, with additional investments from Portage and SCOR Ventures, along with participation from existing investors White Star Capital and Diagram Ventures. Novisto will use the newly acquired funds to hasten the development of its products and increase its market presence.
As the global demand for standardised, audited, and digitised corporate sustainability reporting continues to rise, ESG reporting has become crucial for companies worldwide. With regulatory bodies like the European Commission and the U.S. Securities and Exchange Commission (SEC) responding to the call for regulated sustainability-related disclosures, organisations now require a structured and organised approach to effectively define and address complex ESG issues, opportunities, and challenges.
Novisto's comprehensive data management platform offers a solution that enables companies to future-proof their ESG data and reporting, ensuring compliance with more stringent disclosure requirements.
The current sustainability reports released by companies often lack standardisation and fail to provide actionable information that facilitates ESG-related decision-making for investors and other stakeholders.
A well-defined ESG strategy is vital for companies to align their values with their actions, manage risks, and drive long-term value creation. Novisto has rapidly emerged as a leader in ESG data management, providing support to major global companies such as Asana, Manulife, and Sanofi, among others, in improving their ESG data collection and reporting. This empowers them to better manage crucial sustainability risks and opportunities while driving long-term value creation.
Charles Assaf, CEO and co-founder of Novisto expressed excitement about the support received from a strong group of investors as the company continues to grow and expand its platform. The funding secured in this round will enable Novisto to further enhance its product offering and deliver optimal ESG data management solutions to customers. By doing so, Novisto aims to facilitate better decision-making that contributes to the sustainability of the economy, environment, and society.
The funding will also support Novisto in scaling its product development and providing exceptional ESG data management solutions to new and existing customers across diverse industries, companies, and geographies. Additionally, the funds will be allocated to expanding Novisto's customer base and strengthening its global team to meet the rapidly increasing demand for ESG data management.
Magaly Charbonneau, a partner at Inovia, expressed the company's commitment to supporting enduring global tech companies and their objective of creating a more sustainable future. Charbonneau emphasised the importance of sustainability initiatives being taken seriously, noting that Novisto's platform aids companies in generating high-quality, audit-ready ESG data, enabling them to drive quantifiable and meaningful change.
Hélène V. Gagnon, Chief Sustainability Officer and Senior Vice President of Stakeholder Engagement at CAE, a publicly-traded company, highlighted the significance of data in earning stakeholders' trust. CAE has a longstanding commitment to leading ESG disclosure within the industry and has been collaborating with Novisto since its inception. Gagnon praised Novisto for enhancing the accuracy and robustness of their ESG data while reinforcing data accountability across the organisation. The partnership aims to develop transparent reporting that accurately reflects the progress of CAE's ESG programme.
Since its launch in 2019, Novisto has grown to over 100 employees located in North America and Europe, with its headquarters situated in Montreal, Canada. To learn more about Novisto, please visit their website at www.novisto.com.
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