ESG data management software provider Novisto announced today that it has raised $20 million, with proceeds from the financing aimed at accelerate the company’s product development and market expansion.

Founded in 2019, Montreal-based Novisto provides enterprise software designed to automate the collection and consolidation of sustainability data, enabling companies to track and report on all ESG activities, and gain insights for decision-making. The Series-B funding round follows an $8 million Series A capital raise by the company in 2021.

Novisto said that the new funding will enable the company to scale its product development, and to grow its customer base, and to expand its team globally, amid rapid growth in demand for ESG data management solutions, as ESG reporting grows more important for companies worldwide.

Charles Assaf, CEO and co-founder of Novisto, said:

“This funding round will allow us to further develop our product offering and continue to provide our customers with the best possible solutions for ESG data management, so that they can make better decisions that contribute to the sustainability of the economy, environment, and society.”

The funding round was led by venture capital firm Inovia Capital, and included participation from new investors including Portage Ventures and SCOR Ventures, as well as existing investors White Star Capital and Diagram Ventures.

Magaly Charbonneau, Partner at Inovia, said:

“Consistent with our mission of supporting global enduring tech companies, we’re honored to work with Novisto, as they progress in their objective of creating a more sustainable future. It’s a critical time for sustainability initiatives to be taken seriously, and Novisto’s platform helps companies produce quality, audit-ready ESG data that enables them to make quantifiable, meaningful change.”