FigBytes, a creator of an ESG insight platform for strategy, reporting, data and stakeholder engagement, has scored $14.5m in total funding.
The company secured $10m in incremental funding from Quantum Innovation Fund and also landed a $4.5m debt facility from Silicon Valley Bank.
Companies can use FigBytes’ software platform to easily and cost-effectively manage, track and report on their ESG goals related to carbon accounting, water stewardship, philanthropy, and diversity, equity and inclusion.
FigBytes also helps firms report to regulators and shareholders, reduce their environmental impact and create a more diverse, equitable workplace.
Rather than offering siloed ‘point’ products for different ESG functions, FigBytes claims it combines best-of-class capabilities into a unified solution that automates data tracking and provides a holistic view of ESG activity in a single platform.
In 2022, FigBytes reported a 200% increase in annual recurring revenue and made several key hires.
The firm plans to use these funds to support its continued growth and expand its sales and marketing, customer success, and product development activities in North America, Europe, and India.
FigBytes CEO and co-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.”
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