Sustainability reporting software provider Novisto announced today that it has raised $27 million in a Series C financing round, with proceeds aimed at enhancing its ESG software platform and accelerating its presence across Europe to address the “huge market opportunity” to streamline and simplify sustainability reporting.
Founded in 2019, Montreal-based Novisto provides sustainability data management and reporting software for global enterprises, with solutions aimed at enabling companies to collect quantitative and qualitative ESG data, manage sustainability information while adapting to changes in frameworks and standards, and streamline sustainability reporting.
To date, Novisto has raised more than $55 million, including an $8 million Series A round in 2021, and a $20 million Series B in 2023. Novisto said that it has nearly tripled its revenue since the Series B round.
According to Novisto, the new capital raise comes amidst a “huge market opportunity” driven by increased regulatory risk and uncertainty in Europe and North America, and a movement towards streamlining regulatory and reporting burdens on companies, such as the EU’s Omnibus proposals. The company said that the new capital will be used to enhance its sustainability platform, and to accelerate its presence in Europe, with an aim to build a team of equal size to its North American counterpart in Europe.
Charles Assaf, CEO and Co-founder, Novisto, said:
“We have seen that forward-thinking leaders are not waiting for full policy clarity to act on sustainability reporting and ESG compliance: they are acting now. The market demands it of a leading organisation, and it encourages transparent, accurate and decision-grade sustainability information. We see a huge and growing global opportunity in front of us, underpinned by our current momentum, and spearheaded by senior leaders at global companies who are committed to making their businesses more resilient and sustainable.”
The Series C round was led by software-focused investor Inovia Capital, and included participation from all of Novisto’s previous investors including White Star Capital, SCOR Ventures, and Sagard.
Inovia Principal, Mia Morisset, said:
“Novisto is trusted by leading global enterprises, a testament to the strength of its best-in-class product. Since its Series B, we’ve had the opportunity to witness firsthand how Charles and his team have built a uniquely positioned solution for success. We look forward to continuing to support Novisto as it scales.”
