Stockholm-based Worldfavor, a global platform for sustainability and compliance information and management, announced on Tuesday that it has raised €10.2M in a Series A round of funding to accelerate growth and expansion plans.
The company has now raised a total of €13.4M to date.
The round was led by SEB Private Equity.
The current round also saw participation from existing investors Stockholm-based investment firms Brightly Ventures and Spintop Ventures.
Worldfavor helps companies to access, share and use business environmental, social, and governance (ESG) data such as info on GHG emissions, diversity, human rights, anti-corruption, and more to gain insights and enable sustainable action, both internally and through extensive value chains as well as investment chains.
The startup was founded in 2010 by Andreas Liljendahl, Frida Emilsson, Lars Peter Eriksson, and Par Gustafsson.
It claims to help its network of 25,000+ organizations understand their impact and risks, fuel action, and stay resilient.
Some of its customers include Oatly, Oakley Capital, and Grant Thornton.
Worldfavor says it will use the funds for expansion and market entry plans to fill the gap in accessing, sharing, and gaining insights from ESG data to accelerate sustainable action.
Additionally, the company also looks to invest in research and development to continually improve the platform, support businesses in all stages of their sustainability journey, and provide users with the “best” possible product.
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