FairSupply, a Sydney, Australia-based cutting-edge environmental, social, and governance SaaS platform, raised $6.3 million in Series A funding.
The round was led by AirTree, with participation from Tidal Ventures and the Queensland Investment Corporation (QIC), as well as Andrew ‘Twiggy’ Forrest’s philanthropic investment vehicle, the Minderoo Foundation.
The funds, which will be used to launch new products and expand to international markets, come as environmental, social, and governance (ESG) reporting regimes gather momentum globally, with regulators in the UK, EU, Australia, and Japan all cracking down on corporate greenwashing.
FairSupply CEO and co-founder Kimberly Randle said, “The global total addressable market for companies required to identify, address, and mitigate ESG risks in their supply chains and investment portfolios is rapidly increasing. However, despite increased societal and regulatory pressure to report on ESG impact, quantifying and gathering this data has never been more complicated, especially when assessing ESG further down the supply chain. And while many companies have good intentions and want to prioritise ESG, the vast majority don’t have access to the knowledge or tools to properly assess, understand, and make informed decisions to improve their ESG rating – but we’re changing that.”
The company has mapped more than 60 billion global supply chains so that companies can monitor Scope 3 carbon emissions, modern slavery, biodiversity, and water risk within their network. The company has already produced two world firsts, modern slavery footprinting, and extinction-risk footprinting.
To date, FairSupply has analyzed over $750 billion in procurement and investment data for some of Australia's biggest and most reputable organizations, including AustralianSuper, the Queensland Investment Corporation, Synergy Energy, and storied Australian retailer RM Williams.
Company: Fair Supply Analytics Pty Ltd
Round: Series A
Funding Month: December 2022
Lead Investors: AirTree
Additional Investors: Tidal Ventures and the Queensland Investment Corporation (QIC), and Minderoo Foundation
Company Website: https://fairsupply.com.au/
Software Category: Environmental, Social, and Governance (ESG) Software
About the Company: Founded in 2019 by Kimberly Randle and Dr. Arne Geschke, FairSupply is a cutting-edge global ESG data provider and consultancy specializing in modern slavery. It provides its corporate and institutional clients with unparalleled visibility over ESG risk along their entire supply chain and investment portfolios, taking into account issues such as modern slavery, Scope 3 carbon emissions, biodiversity, and water use risk. In 2022, FairSupply was recognized as the Best ESG Provider by the Australian Enterprise Awards and a Category Innovator in AFR’s Sustainability Leaders. Most recently, FairSupply was recognized as "One to Watch" in the ESG Risk Assessment Category in the Regulation Asia Awards for Excellence.