Total amount raised
CA$38.4 Million
Latest funding date
05/01/2023
Location
Novisto has successfully raised funding over four rounds, with the latest being a Series C led by Inovia Capital. The company is backed by six investors, including SCOR Ventures and Sagard.
Novisto offers a comprehensive ESG and carbon management platform designed to streamline data collection, management, and reporting. Keep reading to explore the intricacies of Novisto's fundraising journey and the investors backing this innovative platform.
What Is Novisto?
Novisto, based in Montréal, Quebec, Canada, is a private company specializing in sustainability management software. The company operates within the industries of enterprise software, management information systems, SaaS, software, and sustainability.
With an employee count ranging from 51 to 100, Novisto offers a platform designed to manage ESG data, workflows, and reporting. Their solutions are tailored to help enterprises improve sustainability performance and meet regulatory requirements.
How Much Funding Has Novisto Raised?
- Series C
- Amount Raised: USD 27,000,000
- Date: May 2025
- Lead Investors: Inovia Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the growth and development of Novisto's SaaS platform for ESG data management and reporting.
- Series B
- Amount Raised: USD 20,000,000
- Date: May 2023
- Lead Investors: Inovia Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate product development and market expansion, addressing the increasing demand for standardized, audited, and digitized corporate sustainability reporting.
- Series A
- Amount Raised: USD 7,200,000
- Date: May 2021
- Lead Investors: White Star Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance the platform's capabilities and expand its market reach.
- Seed
- Amount Raised: USD 1,350,000
- Date: December 2019
- Lead Investors: Diagram Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial version of the ESG data management platform.
Total Amount Raised: USD 55,550,000. Current Valuation: Not publicly disclosed.
Key Investors
- Inovia Capital
- Details: Inovia Capital is a leading venture capital firm that supports global tech companies. They led Novisto's Series C and Series B funding rounds.
- Investment Focus Areas: Technology companies, global tech companies.
- Notable Investments: Lightspeed, AppDirect, Clearco.
- White Star Capital
- Details: White Star Capital is a global venture capital firm that invests in technology-driven companies. They were a key investor in Novisto's Series A and Series B rounds.
- Investment Focus Areas: Technology companies, various sectors.
- Notable Investments: Freshly, Dollar Shave Club, Butternut Box.
- Diagram Ventures
- Details: Diagram Ventures is a venture builder that co-founds and invests in technology companies. They led Novisto's Seed round and participated in the Series B round.
- Investment Focus Areas: Technology-driven companies, early-stage development.
- Notable Investments: Dialogue, Collage, Nesto.
- Portage
- Details: Portage is an investment firm focused on financial technology. They invested in Novisto's Series B round.
- Investment Focus Areas: Financial technology.
- 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 round.
- Investment Focus Areas: Insurance, reinsurance, innovative solutions.
- Notable Investments: Lemonade, Hippo.
What's Next for Novisto?
Novisto stands at the cusp of significant growth, driven by the increasing demand for standardized, audited, and digitized corporate sustainability reporting. The company has already tripled its revenue, customer base, and employee headcount year-over-year, showcasing the vast opportunities available. With regulatory bodies like the European Commission and the U.S. SEC mandating more stringent ESG disclosures, Novisto is well-positioned to support major global companies in improving their ESG data collection and reporting.
Future fundraising opportunities appear promising, given the successful Series B funding round led by Inovia Capital. As the demand for ESG data management solutions continues to rise, Novisto may attract further investments to scale product development and market expansion. However, the company will need to navigate challenges such as keeping up with evolving regulatory requirements and maintaining a competitive edge in a growing market.
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