Iceberg Data Lab clinches $10m Series A for ESG data expansion, led by Beringea

Iceberg Data Lab clinches $10m Series A for ESG data expansion, led by Beringea

Iceberg Data Lab, a frontrunner in climate and biodiversity data solutions for financial institutions, has successfully completed the initial close of its Series A funding, securing US$10m (£8m).

The investment round was spearheaded by Beringea, a transatlantic venture capital firm renowned for its involvement in nurturing growth-stage companies. This round also saw participation from MAIF Avenir, a French venture capital fund, AXA Investment Managers, and several of IDL’s existing investors, indicating strong continued confidence in the company’s mission and potential for future growth.

Specialising in the provision of critical environmental data, IDL caters to the increasing demand within the financial sector for comprehensive insights into climate, nature, and biodiversity impacts. This demand is driven by a surge in environmental regulation globally, including significant frameworks such as the European Union’s Corporate Sustainability Reporting Directive (CSRD) and the EU Deforestation Regulation (EUDR). IDL’s datasets and products are designed to aid financial institutions in navigating these complex regulatory landscapes, offering science-based solutions that enhance the quality and accessibility of environmental risk reporting.

With the new funds, IDL is poised to extend its global reach, with a particular focus on expanding its operations in the UK and further developing its product offerings. The investment will also facilitate the incorporation of cutting-edge technologies to bolster IDL’s suite of client solutions, enhancing the company’s ability to support financial institutions in their sustainability efforts.

Founded in 2019, IDL has quickly established itself as a leading environmental data provider, supporting over 50 major financial institutions across the globe, including heavyweights like Natixis, Solactive, HSBC, and Amundi. The company’s comprehensive platform covers a wide range of environmental metrics, including Scope 3 emissions, and offers key proprietary metrics such as the Carbon Footprint, Science-Based 2°C Alignment (SB2A), and Corporate Biodiversity Footprint (CBF).

Iceberg Data Lab CEO and Co-Founder Matthieu Maurin expressed immense pride in reaching this funding milestone, highlighting the strengthened position of IDL as a leader in the global ESG data market.

Maurin said, “We are so proud to have achieved the first close of our second funding round at Iceberg Data Lab, which strengthens our position as an emerging leader in the global ESG data market. We are grateful to Beringea, MAIF Avenir, and AXA Investment Managers who have extensive experience investing in climate technologies, driving the sustainability agenda and successfully growing ambitious early-stage companies. The support of our investors will enable us to tailor and improve on our existing client solutions and pave the way for further expansion in the UK, Europe and beyond.

“In this next stage of growth, we will aim to help our clients accelerate their transition journeys to align with global environmental goals, and mitigate the negative impacts of climate change, protect natural habitats and curb biodiversity loss.”

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