Canadian tech startup Novisto raises $8 million to track and improve the accuracy of corporate sustainability reporting 

Environmental, social, and governance (ESG) are fast becoming central to corporate reporting. In 2019, 90 percent of S&P 500 companies disclosed ESG-related metrics in some form, compared to just 20 percent in 2011. Until now, there’s been a deficit of ESG data management and reporting systems, and corporations have found it difficult to link ESG performance and economic value creation.

Enter Novisto, a Quebec, Canada-based tech startup that improves the efficiency and accuracy of corporate sustainability reporting while creating value out from their non-financial data. Use Novisto, organizations can leverage the power of automation to collect and consolidate their sustainability data, improve their reporting, and gain insights for better decision making and value creation.

Novisto’s centralized ERP-like platform enables executives and ESG practitioners to accelerate the integration of sustainability into corporate strategy and to stay one step ahead in the face of rapidly changing regulations and capital markets.

Today, Novisto announced it has raised $8 million in Series A funding to triple the size of its engineering and product teams as it scales its product roadmap, and expands beyond North America into the European market. The round was led by White Star Capital with participation from Diagram Ventures. The Series A investment brings the platform’s total funding since launch to $9.5M following a seed raise of $1.5M in 2020 led by Diagram Ventures.

Founded in 2019 by Marian Borca, Charles Assaf, and Edouard Clement, Novisto is an end-to-end enterprise software for smarter corporate sustainability management, empowering companies to create value from their ESG strategy, data, and reporting. Novisto streamlines every step of the sustainability management journey while helping companies own their ESG narrative.

Charles Assaf, Co-founder and CEO of Novisto: “Corporate ESG reporting and management is now essential for investors and other important stakeholders. This Series A investment and partnership with White Star will enable us to unlock the next level of our vision to become the world’s leading software solution for integrated ESG data, management, and reporting.”

Jean-François Marcoux, Co-Founder and Managing Partner at White Star Capital: “Increasingly, investors and key stakeholders are demanding that organizations report on ESG and demonstrate resulting business value. Novisto is a category-defining company that is addressing the challenge and differentiating itself through decades of combined experience in both corporate sustainability, product development, and technology.”