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.
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.
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.