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ESG Cloud Software Funding: Novisto Raises $20M, Led By Inovia Capital

May 25, 2023 by Joe Panettieri

Novisto, which develops cloud-based ESG (environmental, social and governance) software, has raised USD$20 million in a Series B funding round, led by Inovia Capital. Valuation terms were not disclosed.

Additional investors in this round include Diagram VenturesPortageSCOR Ventures and White Star Capital. An earlier Series A round in June 2021 raised $8 million.

ESG Software Startup: Novisto Business Background, Executive Perspectives

Novisto, founded in 2019, is based in Montreal, Canada. The company has over 100 employees in North America and Europe.

Novisto’s cloud-based data management platform provides enables companies to align their ESG data and reporting regulations from the European Commission, and anticipated regulations from the U.S. Securities and Exchange Commission (SEC). Novisto's partner program is listed in our global sustainability partner program database.

Demand for such software appears strong. Indeed, the global ESG software market is expected to reach $2.28 billion by 2030, up from $700 million in 2022. That's a 15.9% compound annual group rate (CAGR), according to SkyQuest.

Charles Assaf, CEO, Novisto

In a prepared statement about the new funding round, Novisto CEO Charles Assaf said: “We are thrilled to have the support of such a strong group of investors as we continue to grow and expand our platform. This funding round will allow us to further develop our product offering and continue to provide our customers with the best possible solutions for ESG data management, so that they can make better decisions that contribute to the sustainability of the economy, environment, and society.” 

Added Magaly Charbonneau, a partner at Inovia Capital (pictured, top of page): ‘‘Consistent with our mission of supporting global enduring tech companies, we’re honored to work with Novisto, as they progress in their objective of creating a more sustainable future. It’s a critical time for sustainability initiatives to be taken seriously, and Novisto’s platform helps companies produce quality, audit-ready ESG data that enables them to make quantifiable, meaningful change.‘’

ESG Software and Consulting: Mergers, Acquisitions and Investments

Meanwhile, M&A activity in the ESG consulting, services and software markets remains strong.

Example deals for 2023 include:

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