Swedish sustainability data platform Worldfavor announced today it has raised €10.2 million in a Series A funding round, with proceeds aimed at accelerating its growth and expansion plans.
Founded in 2016, Worldfavor aims to enable businesses to take sustainable action by centralizing ESG data – ranging from GHG emissions and diversity to human rights and anti-corruption – in single platform. The platform also supports adherence to legislation and maintaining compliance with laws and ESG-related regulations and frameworks, including SFDR, HRDD, GHG, and GRI, among others.
Andreas Liljendahl, Worldfavor co-founder and CEO, said:
“Worldfavor was founded in 2016 and since then we have found ourselves scaling rapidly. We now work with over 25,000 organisations in 130+ countries, enabling better decision-making, and increasing ESG awareness across global operations. With new funding and strategic partners, we’re now accelerating towards Worldfavor’s mission to make sustainable business the mainstream.”
The company stated that it plans to use the funding to continue its expansion and market entry efforts, as well as to invest in research and development to improve the platform.
The round was led by SEB Private Equity, part of Nordic corporate bank SEB, along with existing investors Brightly Ventures and Spintop Ventures.
Babak Etemad, Investment Director at SEB Private Equity, said:
“We’re happy to join the impressive team at Worldfavor in their pursuit of raising the bar on sustainability and help organisations share critical sustainability-related information. We are confident that Worldfavor will play a vital role in this industry over the coming decade, and we look forward to supporting them on the journey.”