Finland-based deeptech company, The Upright Project, raised EUR 5 million in recent financing. The company announced the fundraise on December 13, 2022. Greentech VC Planet A Ventures led the financing for the firm. Meanwhile, First Fellow Partners joined in the round. Besides, angel investor Risto Siilasmaa participated in the financing.
Purpose of financing for The Upright Project
With the latest proceeds from the recent capital injection, the company aims to develop its open-access database, which brings more rigour and comparability to impact evaluations. The Upright Project further aims to include all companies globally with more than ten employees.
What the company’s co-founder has to say
Upright’s Founder and CEO Annu Nieminen said, “The global ESG and impact discourse is in dire need of common sense and understanding of what it is and what is not. Currently, the largest impacts of a company’s core business are buried under masses of details on ways of working and reporting. Apples are compared to oranges, and facts are replaced by opinions in Twitter feuds. We need a transparent impact data platform with comparable data that is accessible for all.”
What the investors have to add
Nick de la Forge, Co-founder and Partner at Planet A, further added, “With 42% of companies exaggerating their sustainability claims, we need a new impact course. Enabling powerful stakeholders, from boards and investors to talent and consumers, to understand the net impact of companies and make informed decisions will lead to a step-change in companies’ actions and their effect on our planet. Upright’s technology isn’t just `nice to have but will become business critical.”
In addition, Risto Siilasmaa, ex-Chair of Nokia and Chair of F-Secure, commented, “Upright’s goal is in their name: make impact assessments more honest and reputable. They are solving one of the most complex challenges businesses face by removing the blind spots in our current assessment of impact while also democratizing it. When they asked me to invest, I did not need to think twice.”
About the company
Juho Ojala and Annu Nieminen launched the company in 2017. Upright has a purpose-led vision to build a new type of quantification model to measure the net impact of companies. Its platform enables more fact-based decisions for investors, customers, employees as well as businesses. The company is on a mission to bring a new era of analytical rigour and comparability to companies’ impact evaluations by measuring the sum of a company’s positive and negative impacts on the environment, health, society and knowledge.
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