Total amount raised
CA$38.4 Millions
Latest funding date
05/01/2023
Location
Novisto has successfully raised US$20 million in a Series B financing round, with backing from investors including Inovia Capital and Portage Ventures. The company offers a SaaS platform for environmental, social, and governance (ESG) data management and reporting.
Keep reading to explore the intricacies of Novisto's fundraising journey and the investors supporting this innovative platform.
What Is Novisto?
Novisto, founded on January 1, 2019, is headquartered in Montréal, Quebec, Canada. The company was established by Charles Assaf, Edouard Clement, and Marian Borca. It operates in the enterprise software and sustainability management sectors, providing a SaaS platform for ESG data management and reporting.
With a team of 51-100 employees, Novisto aims to streamline sustainability management for companies, offering tools for ESG data management, AI-powered benchmarking, and risk management. The platform is designed to enhance decision-making and reporting, helping organizations create value from their ESG strategies.
How Much Funding Has Novisto Raised?
- Seed Round
- Amount Raised: CA$1.8M
- Date: December 2019
- Lead Investors: Diagram Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish the company and develop its initial ESG data management platform.
- Series A
- Amount Raised: CA$9.6M
- Date: May 2021
- Lead Investors: White Star Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and enhance the platform's capabilities to meet growing demand.
- Series B
- Amount Raised: USD 20M
- Date: May 2023
- Lead Investors: Inovia Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate product development and market expansion.
Total Amount Raised: USD 20M
Current Valuation: Not publicly disclosed
Key Investors
- Inovia Capital
- Details: Inovia Capital is a venture capital firm that led Novisto's Series B funding round. They focus on supporting global enduring tech companies and sustainability initiatives.
- Investment Focus Areas: Technology, sustainability, global enduring companies
- Notable Investments: Novisto, Lightspeed, AppDirect
- White Star Capital
- Details: White Star Capital is a global venture capital firm that participated in Novisto's Series A and Series B funding rounds. They invest in technology-driven companies across various sectors.
- Investment Focus Areas: Technology, fintech, digital health
- Notable Investments: Novisto, Freshly, Butternut Box
- Diagram Ventures
- Details: Diagram Ventures is a venture builder that participated in Novisto's seed round. They focus on creating and investing in technology companies.
- Investment Focus Areas: Technology, fintech, healthtech
- Notable Investments: Novisto, Nesto, Collage
- Portage Ventures
- Details: Portage Ventures is a global fintech-focused venture capital firm that participated in Novisto's Series B funding round. They support innovative financial services companies.
- Investment Focus Areas: Fintech, insurtech, wealth management
- Notable Investments: Wealthsimple, Borrowell, Koho
- SCOR Ventures
- Details: SCOR Ventures is the venture capital arm of SCOR, a global reinsurance company. They participated in Novisto's Series B funding round, focusing on innovative insurance and risk management solutions.
- Investment Focus Areas: Insurtech, risk management, technology
- Notable Investments: Novisto, Lemonade, Hippo
What's Next for Novisto?
Novisto stands at the cusp of significant growth opportunities, driven by the increasing demand for standardized and digitized ESG reporting. With the recent USD 20 million Series B funding, the company is poised to accelerate product development and expand its market reach, capitalizing on the growing regulatory requirements from bodies like the European Commission and the SEC.
Future fundraising opportunities appear promising as Novisto continues to scale its operations and attract more investors. The company's rapid growth, evidenced by tripling its revenue, customer base, and employee headcount year-over-year, positions it well for additional funding rounds to further enhance its platform and market presence.
However, Novisto may face challenges such as keeping up with evolving regulatory requirements and maintaining a competitive edge in a market with new entrants. Ensuring the scalability and robustness of their platform to handle increasing data volumes will be crucial for sustaining their growth trajectory.
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