Global sustainability data provider Util announced that it has raised $6 million, in a seed finding round aimed at expanding the company’s global footprint and accelerating hiring.
The financing, led by venture investor Eldridge, included Luxembourg Stock Exchange, CBOE Global markets and Oxford Enterprises as participants.
John Deters, Chief Strategy Officer at CBOE, said:
“CBOE is pleased to support the further expansion of Util’s offering and global footprint, which align closely with CBOE’s own areas of strategic focus. We believe Util’s product suite is unique in the market, providing scientifically-based, objective and actionable data sets to market participants positioning around the United Nations Sustainable Development Goals.”
London-based Util provides sustainability intelligence to financial institutions, including a recently launched platform revealing the social and environmental impact of companies against the UN Sustainability Development Goals (SDGs) and enabling users to explore and compare the impact of 50,000 listed companies, and to screen investments on these concepts and generate tailored portfolio reports.
The company’s customers include PGIM Quantitative Solutions, Nuveen (a TIAA company), Danske Bank Asset Management, Degroof Petercam Asset Management (DPAM), and a.s.r.
Julie Becker, CEO at LuxSE, said:
“As we accelerate the climate transition, it is increasingly important to be able to map the social and environmental impact of companies. A growing number of investors are now seeking solid sources of sustainability data to evaluate the positive or negative SDG contributions of different companies as this allows them to make informed investment decisions that reflect their sustainability objectives.”
The announcement comes as Util accelerates hiring in key senior roles and as, according to the company, continued customer growth increases.
Patrick Wood Uribe, Util’s CEO, said:
“We’re delighted CBOE and LuxSE share our vision and look forward to working together to integrate sustainability intelligence into the global financial system.”