Ottawa, Canada-based provider of an environmental, social, governance (ESG) insight platform for strategy, data, reporting and stakeholder engagement, FigBytes raised additional funding of USD 14.5 million. Quantum Innovation Fund, an affiliate of Quantum Energy Partners, and Silicon Valley Bank joined in the financing. The former provided USD 10 million to the company. At the same time, the latter contributed USD 4.5 million to the debt facility. The fundraise took place on November 30, 2022.
So far, the company’s total funding stands at USD 25 million.
Purpose of financing for FigBytes
With the latest capital injection, FigBytes plans to support its continued growth.
It also has plans to expand its sales and marketing, and customer success. Besides, the company seeks to focus on product development activities in North America, Europe, and India.
What the company’s official has to say
FigBytes co-founder and CEO Ted Dhillon said, “We’ve always felt that ESG needs to be addressed as a whole. Carbon emissions, water consumption, supply chain impacts — it’s all part of the same big picture. We make it easy for customers to see that big picture, all at once, in real-time, with perfect fidelity, and then to share it interactively with stakeholders. That’s where the real impact lies: supporting the people making decisions that drive ESG and sustainability performance.”
What the investor has to say
Quantum Innovation Fund partner and FigBytes board member Jeffrey Harris said, “In this emerging market, FigBytes stands out for its ability to bring comprehensive functionality based on a detailed understanding of customer ESG reporting needs. They’ve created a solution that works the way ESG professionals do. They’ve found product-market fit and, with this new capital, have the pieces in place to continue their rapid growth.”
About the company
In 2014, Founders Sonam Devgan and Ted Dhillon launched the company. FigBytes helps companies and governments plan, track and fulfil goals along their environmental, social, and governance (ESG) journey. Its ESG insight platform helps integrate strategy, align data, and report on progress. Meanwhile, it engages stakeholders. Clients such as Akamai, Cerberus, Ford Motor, Herbalife, the State of Minnesota, and Toyota Tsusho use FigBytes’ platform to manage, track and report on their ESG goals related to carbon accounting, water stewardship, philanthropy, diversity, equity and inclusion (DEI). The company helps them report to regulators and shareholders, reduce their environmental impact as well as create a more diverse, equitable workplace.
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 insight platform for strategy, data, reporting and stakeholder engagement, FigBytes raised additional funding of USD 14.5 million.){kind=link}