Founded in 2019, Novisto, a pioneering ESG data management software firm, has secured $20m in its Series B funding round.
The company is headquartered in Montreal, Canada and has over 100 employees spanning North America and Europe.
Novisto has successfully secured $20m in a Series B funding round. The funding was spearheaded by Inovia Capital, with additional investments from Portage and SCOR Ventures. The round also witnessed participation from existing investors White Star Capital and Diagram Ventures.
Novisto’s software plays a crucial role in the rapidly evolving realm of ESG reporting. With growing demands for audited and digitised corporate sustainability reporting, companies worldwide are increasingly recognising the need for structured ESG reporting.
Amidst mounting regulatory pressures from institutions like the European Commission and the U.S. Securities and Exchange Commission, Novisto offers an exhaustive data management solution enabling companies to future-proof their ESG data against stringent disclosure requirements.
The funding will be utilised to boost Novisto’s product development, fostering market expansion. Novisto is setting the benchmark for ESG data management, supporting global companies including Asana, Manulife, and Sanofi. Their platform facilitates companies in improving their ESG data collection and reporting, enabling them to manage sustainability risks effectively and drive long-term value creation.
Charles Assaf, CEO and co-founder of Novisto, expressed his excitement over the strong support from the investment group. “This funding round will allow us to further develop our product offering and continue to provide our customers with the best possible solutions for ESG data management, so that they can make better decisions that contribute to the sustainability of the economy, environment, and society.”
This investment will empower Novisto to scale its product development and deliver top-notch ESG data management solutions across varied industries and geographies. The funds will also contribute to the growth of Novisto’s existing customer base and enable global team expansion to meet the burgeoning demand for ESG data management.
Novisto’s investors voiced their support and appreciation for the company’s mission. Magaly Charbonneau, Partner at Inovia, stated, “It’s a critical time for sustainability initiatives to be taken seriously, and Novisto’s platform helps companies produce quality, audit-ready ESG data that enables them to make quantifiable, meaningful change.”
In its short journey since its inception, Novisto has gained the trust and endorsement of its clients. Hélène V. Gagnon, Chief Sustainability Officer and Senior Vice President, Stakeholder Engagement at CAE, affirmed Novisto’s critical role in improving ESG data accuracy and robustness, thereby fostering transparent reporting that reflects the progress of their ESG programme.
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