As ESG Adoption Soars, FigBytes Secures Additional US$14.5M Funding
OTTAWA, Nov. 30, 2022 (GLOBE NEWSWIRE) -- FigBytes, creators of the leading environmental, social, governance (ESG) Insight Platform for strategy, data, reporting and stakeholder engagement, today announced that it has secured US $10 million in incremental funding from existing investor Quantum Innovation Fund, an affiliate of Quantum Energy Partners, in addition to a US $4.5 million debt facility from Silicon Valley Bank. This latest round of financing brings FigBytes’ total funding to date to US $25M.
FigBytes plans to use these funds to support its continued growth and expand its sales and marketing, customer success, and product development activities in North America, Europe, and India.
Organizations around the world are ramping up their ESG programs in response to heightened regulation, growing public concerns about equity and diversity, and increasingly dire reports about wildfires, water shortages and other dangers of climate change. In one recent global survey, PricewaterhouseCoopers (PWC) found that around 80% of companies had assigned sustainability duties to at least one executive. In another, 92% of executives said their company had “a responsibility to act” on ESG, while 76% of consumers said they would stop buying from companies with poor ESG practices.
This new focus on ESG has brought with it a flood of data, which most organizations store in static spreadsheets. As a result, they struggle not only to capture critical information but to prioritize and organize it into a coherent ESG strategy.
That’s where FigBytes has found its sweet spot. Clients like Akamai, Cerberus, Ford Motor, Herbalife, the State of Minnesota, and Toyota Tsusho use FigBytes’ software platform to easily and cost-effectively manage, track and report on their ESG goals related to carbon accounting, water stewardship, philanthropy, and diversity, equity and inclusion (DEI). FigBytes helps them report to regulators and shareholders, reduce their environmental impact and create a more diverse, equitable workplace.
Rather than offering siloed “point” products for different ESG functions, FigBytes combines best-of-class capabilities into a unified solution that automates data tracking and provides a holistic view of ESG activity in a single platform.
Forrester evaluated FigBytes in its report, The Forrester New Wave™: Sustainability Management Software, Q1 2022, positioning it as a strong performer while citing its capabilities for full ESG program management, reporting and strategy.
“We’ve always felt that ESG needs to be addressed as a whole,” said FigBytes co-founder and CEO Ted Dhillon. “Carbon emissions, water consumption, supply chain impacts — it’s all part of the same big picture. We make it easy for customers to see that big picture, all at once, in real time, with perfect fidelity, then to share it interactively with stakeholders. That’s where the real impact lies: supporting the people making decisions that drive ESG and sustainability performance.”
“In this emerging market, FigBytes stands out for its ability to bring comprehensive functionality based on a detailed understanding of customer ESG reporting needs,” said Quantum Innovation Fund partner and FigBytes board member Jeffrey Harris. “They’ve created a solution that works the way ESG professionals do. They’ve found product-market fit and with this new capital have the pieces in place to continue their rapid growth.”
In fiscal year 2022, FigBytes reported a 200% increase in annual recurring revenue and made several key hires, including the appointment of Kate Cacciatore as its Global Head of Sustainability. Cacciatore previously served as Head of Sustainability at private banking and asset management firm Groupe Edmond de Rothschild. At FigBytes she leads initiatives to define, understand, and solve customers’ complex sustainability challenges, as well as support the company’s European expansion strategy.
To learn more about how FigBytes combines ESG expertise with industry-leading software to support sustainability leaders in managing carbon emissions and reaching their ESG goals, visit https://figbytes.com.
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