FigBytes Raises $14.5 Million in Funding  

by Kay Aloha Villamor December 1st, 2022

FigBytes, an Ottawa, Canada-based developer of an environmental, social, and governance (ESG) insight platform for strategy, data, reporting, and stakeholder engagement, announced that it secured $14.5 million in funding.

The investment is made up of a $10 million incremental investment from Quantum Innovation Fund, an affiliate of Quantum Energy Partners, and a $4.5 million debt facility from Silicon Valley Bank.

Latest round brings total financing to $25M, driving the global growth of FigBytes SaaS solution for sustainability and ESG management. The funds will be used to support its continued growth and expand its sales and marketing, customer success, and product development activities in North America, Europe, and India.

“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.”

Clients like Akamai, Cerberus, Ford Motor, Herbalife, the State of Minnesota, and Toyota Tsusho use the 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). 

Company: Figbytes, Inc. 

Raised: $14.5M

Round: Incremental and Debt Facility

Funding Month: November 2022

Lead Investors: Quantum Innovation Fund

Additional Investors: Silicon Valley Bank

Company Website: https://figbytes.com/

Software Category: ESG Insight Platform

About the Company: FigBytes is the ESG Insight Platform that connects data with purpose. It is the only platform built to go beyond data management and carbon to help you address the full scope of environmental, social, and governance (ESG) challenges. FigBytes captures ESG data from across your organization, existing systems, and external sources and manages it in one, integrated, cloud-based platform that connects to your strategy, automates industry reporting and simplifies stakeholder engagement. FigBytes helps companies and governments plan, track, and fulfill goals along their environmental, social, and governance (ESG) journey. Its ESG Insight Platform helps integrate strategy, align data, and report on progress while engaging stakeholders. 

 

Source: https://www.globenewswire.com/news-release/2022/11/30/2565017/0/en/As-ESG-Adoption-Soars-FigBytes-Secures-Additional-US-14-5M-Funding.html




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