Swedish startup WorldFavor, a global platform for corporate sustainability, has announced raising €2.8 million seed funding, led by venture capital companies Spintop Ventures and Brightly Ventures. It will use the investment to scale up operations with product development and international sales.
Worldfavor, founded in 2011, aims to be the global information hub for sustainable corporate decisions and reporting. Its platform connects organizations, suppliers and stakeholders around the world to enable them to make sustainable choices throughout their entire value chain. Benefits for companies include avoiding manual spreadsheets and cumbersome legacy software, saving time and improving efficiency. Furthermore, by enabling all parties to exchange data in the same platform, Worldfavor hopes to increase transparency and efficient sustainability reporting.
“We wanted to build a search engine where consumers could compare products based on sustainability. We realized that the first step would be to resolve this between companies by helping them keep track of themselves and their supplier” says Andreas Liljendahl, CEO and co-founder of Worldfavor.
Currently, over 30,000 organizations have chosen to exchange sustainability data through Worldfavor, including supply chains over several continents. The company’s international team consists of entrepreneurs, sustainable business and sustainability reporting specialists, system architects, user experience experts and business leaders. During the early years, the company was backed by government agencies and incubators such as Vinnova, Almi, and STING.
The funds will be used to expand into new countries, develop the platform further and grow the team. “We will establish offices in a large European country as a start. The number of employees will go from 17 to 35 in the next twelve months” says Andreas Liljendahl.