Pitchdeck: This startup helps Meta with ESG tracking and gets millions for it
Novisto has raised nearly €24 million ($27 million) in a Series C funding round. Founded in 2019, the Canadian startup offers a software platform that helps customers monitor and measure their sustainability impacts .
“We have an accounting-like platform for comprehensive sustainability-related data for companies,” co-founder and CEO Charles Assaf told Business Insider.
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“What is unique about this platform is that it not only handles reporting and disclosure , but also the broader management of sustainability functions,” he adds.
Novisto's platform automates the collection and management of a company's sustainability data—a task that can be very time-consuming manually. It then compares a company's ESG efforts with industry benchmarks, revealing, for example, how well the company performs compared to its competitors.
"If the board requires the pursuit of certain targets, it can't be done in an Excel spreadsheet—the data must be stored in a system of record that ensures the auditability of this information," Assaf said. "Many companies have therefore moved to externally audit their ESG reports, and we have a mechanism in place to support this."
As an enterprise software startup, Novisto makes its money by charging its customers a monthly subscription fee. Its clients include Meta, JetBlue, and pharmaceutical giant Sanofi, as well as other large corporations and blue-chip companies.
Amid fluctuating attitudes toward ESG policy around the world, fueled in part by a change in the U.S. administration, climate tech startups are increasingly facing headwinds in raising capital. As a result, startups in the sustainability sector have found better opportunities for expansion in Europe, where stricter ESG reporting guidelines apply.
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The Series C round was led by Inovia Capital, with participation from all previous investors, including White Star Capital, SCOR Ventures, and Sagard. A total of approximately €48 million ($55 million) has already been invested in the startup. Novisto will use the funding to expand its team in Europe.
See the pitch deck used to secure the new funding here.
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