Providing corporates with the ESG data and oversight they need to make sustainable action possible, Swedish startup Worldfavor has just picked up €10.2 million. The funding will fuel expansion plans.
Making businesses more sustainable and lightening the environmental and societal impact of corporate action is a key priority across the world at the moment. Governments, organisations and societal actors are all pushing for businesses to embed ESG objectives within corporate strategy in order to create a healthier society for the long term. But, how can corporates be sure they are taking the right steps towards sustainability?
That’s where ESG data comes in – data that can give insights into a business’s environmental, societal and economic impact and in turn, give actionable insights into how to improve the situation.
Worldfavor is a platform on a mission to help businesses transition to a more sustainable way of operating and has just picked up fresh funding.
The funding
The Stockholm-based company has today announced a Series A funding round of €10.2 million. It comes off the back of a €2.8 million raise in 2018 – showing plenty of growth for the startup over the past couple of years as sustainability has come to a central focus.
The round was led by SEB Private Equity alongside existing investors Brightly Ventures and Spintop Ventures.
Making a difference is possible
Founded in 2016, Worldfavor was developed by four friends from their flat in Stockholm – all with their eyes set on giving businesses the tools they need to transition to a more sustainable way of operating. The platform shows that doing business can go hand in hand with caring about the people, planet and economy and reducing the footprint of the worldwide business community.
Worldfavor enables businesses worldwide to easily access, share, and leverage business ESG data – such as GHG emissions, diversity, human rights, anti-corruption and more – to gain insights and make sustainable action possible, both internally and through far-reaching value chains, as well as those of investments.
It makes sustainable action possible by centralising high-quality, impactful, ESG data all in one platform – connecting businesses worldwide and making combined action a reality. Worldfavor supports adherence to legislation and staying compliant with laws and ESG-related regulations and frameworks such as the SFDR, HRDD, GHG, GRI and more.
Andreas Liljendahl, Worldfavor co-founder and CEO, said: “Worldfavor was founded in 2016 and since then we have found ourselves scaling rapidly. We now work with over 25,000 organisations in 130+ countries, enabling better decision-making, and increasing ESG awareness across global operations. With new funding and strategic partners, we’re now accelerating towards Worldfavor’s mission to make sustainable business the mainstream.”
Scaling up
With the vision that every person and business can make a difference by being able to make truly sustainable decisions, Worldfavor has already been making a change across Europe.
Since its launch, the startup has enhanced considerable growth and seen year-on-year surges in user uptake. It currently supports clients across industries, from food to finance, and of all sizes – from SMEs to Fortune 500 companies.
Prominent clients of the 25k+ network include Nudie Jeans (frontrunner in sustainable denim production), IK Partners (European private equity advisory group with Nordic roots, operating across Northern Europe), Systembolaget (the Swedish monopoly for alcohol), Oatly (Swedish food company that produces alternatives to dairy products from oats, Oakley Capital (private equity investor) and Grant Thornton (one of the world’s largest accounting and consulting firms).
Worldfavor will use the funding to continue its ambitious expansion and market entry plans to fill the global gap of easily accessing, sharing and gaining insights from ESG data to fuel sustainable action. At the same time, Worldfavor will 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.
Babak Etemad, Investment Director at SEB Private Equity, added: “We’re happy to join the impressive team at Worldfavor in their pursuit of raising the bar on sustainability and help organisations share critical sustainability-related information. We are confident that Worldfavor will play a vital role in this industry over the coming decade, and we look forward to supporting them on the journey.”
