ESG data and reporting platform provider Figbytes announced that it has secured $14.5 million in financing, including $10 million in funding from existing investor Quantum Innovation Fund, and a $4.5 million debt facility from Silicon Valley Bank.
Ottawa-based FigBytes helps organizations to plan, track and report ESG goals through its ESG Insight Platform. The SaaS-based platform enables organizations to easily and cost-effectively manage, track and report on ESG goals through solutions including carbon accounting, water stewardship, philanthropy, and diversity, equity and inclusion.
FigBytes’ clients include Akamai, Cerberus, Ford Motor, Herbalife, the State of Minnesota, and Toyota Tsusho.
Ted Dhillon, FigBytes co-founder and CEO, said:
“We’ve always felt that ESG needs to be addressed as a whole. 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.”
According to FigBytes, the new funding will be used to support its growth and to expand the company’s sales and marketing, customer success, and product development activities in North America, Europe, and India. The company reported a 200% increase in annual recurring revenues in fiscal 2022. To date, including the new financing, the
Quantum Innovation Fund partner and FigBytes board member Jeffrey Harris, said:
“In this emerging market, FigBytes stands out for its ability to bring comprehensive functionality based on a detailed understanding of customer ESG reporting needs. 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.”