– Novisto Secures $20M in Series B Funding to Lead the ESG Reporting Revolution
Novisto triples its revenue, its clients and its workforce year after year, becoming the world leader in ESG data management and raising the bar in the industry
MONTREAL, May 24, 2023/PRNewswire/ — Montreal-based ESG data management software company Novisto has raised $20 million in a Series B funding round, led by Inovia Capital. The round includes new investments from Portage and SCOR Ventures, and participation from existing investors White Star Capital and Diagram Ventures. Novisto will use these funds to accelerate its product development and market expansion.
As the demand for standardized, audited and digitized corporate sustainability reporting grows, ESG reporting has become a fundamental requirement for companies around the world. Governments such as the European Commission and regulators such as the US Securities and Exchange Commission (SEC) have called for the regulation of sustainability-related disclosures, so organizations need a structured and organized approach to defining and accurately 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 in the face of more stringent disclosure requirements.
The sustainability reports that companies publish today lack standardization and do not provide actionable information that enables investors and other stakeholders to make ESG-related decisions. A structured ESG strategy is essential for companies to align their values ??with their actions, manage risk and drive long-term value creation. Novisto has quickly become a leader in ESG data management, supporting leading global companies – including Asana, Manulife, and Sanofi, among others – to improve their ESG data collection and reporting, in order to better manage key sustainability risks and opportunities and drive long-term value creation.
“We are delighted to have the support of such a strong group of investors as we continue to grow and expand our platform,” said Charles Assaf, CEO and Co-Founder of Novisto. “This round of funding will allow us to further develop our product offering and continue to provide our clients with the best possible solutions for ESG data management, so they can make better decisions that contribute to the sustainability of the economy, the environment and the society”.
The funding will enable Novisto to further develop its products and continue to offer the best ESG data management solutions to its existing and new clients across a wide range of companies, industries and geographies. The funds will also be used to expand Novisto’s existing client base, as well as expand the team around the world to support the exponential increase in demand for ESG data management.
”In keeping with our mission to support enduring global technology companies, we are honored to work with Novisto as they advance their goal of creating a more sustainable future,” said Magaly Charbonneau, Partner at Inovia. critical for sustainability initiatives to be taken seriously, and Novisto’s platform helps companies produce quality, audit-ready ESG data that enables them to make measurable and meaningful changes.”
“As a publicly traded company, data is critical to earning the trust of our stakeholders and we have a long-standing commitment to industry-leading ESG disclosure,” said Hélène V. Gagnon, Chief Sustainability and CAE Senior Vice President of Engagement with Stakeholders. “Novisto is helping us improve the accuracy and robustness of our ESG data, while reinforcing data responsibility across the organization. We have been with Novisto since its launch and are proud to continue our work to develop transparent reports that reflect the progress of our ESG program”.
Launched in 2019, Novisto has more than 100 employees located across North America and Europe and is headquartered in Montreal, Canada. For more information, visit the website www.novisto.com.
About NovistoNovisto contributes to the sustainability of the economy, the environment and society by empowering companies to make better decisions and disclosures through our ESG data management software. Founded in Montreal in 2019, Novisto is building the ERP for ESG, enabling companies to take advantage of a data-centric approach to better report and manage their sustainability issues. Novisto is a private company backed by Inovia, White Star Capital, Diagram Ventures, Portag3 Ventures and SCOR Ventures. For more information, visit the website: www.novisto.com.
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