New York, USA-based innovative technology platform and public benefit corporation that provides the private markets with a cutting-edge Environmental, Social and Corporate Governance (ESG) solution, Novata closed its Series B round at USD 30 million. The company announced the closure on February 28, 2023. Hamilton Lane led the financing for the company. Meanwhile, Ford Foundation, S&P Global, and Microsoft invested through its Climate Innovation Fund. Canson Capital Partners, Clearlake Capital, Hellman & Friedman, Kohlberg & Company, Lindsay Goldberg, as well as The Vistria Group, joined in the round. Moreover, managing directors from a range of private equity firms participated in the Series B funding.
Purpose of funding for Novata
With the latest financing, Novata seeks to continue to meet the private markets’ critical need for a simple and secure data management and analytics platform to enable investors to align their capital flows with the metrics that matter to them.
What the company’s founder has to say
Alex Friedman, CEO & Co-Founder at Novata, said, “We are grateful to the broad range of leading investors supporting Novata, including financial institutions, large technology companies, non-profit organisations and private equity firms, which underscores how major facets of global economic activity are coming together to address our most critical common challenges. As sustainability priorities have undisputedly changed over the last decade, Novata is in a position to meet the evolving challenges and to help drive progress on ESG transparency and reliability in the private markets.”
What the investors have to add
Erik Hirsch, Vice Chairman and Head of Strategic Initiatives at Hamilton Lane, further said, “We consider Novata to be the critical infrastructure needed to accelerate sustainability and strong governance in the private markets. As our industry grows, we all face increasing expectations from investors, regulators, and the broader society to ensure that strong investment performance is delivered alongside responsible business practices. Novata is the kind of neutral intermediary the private markets ecosystem needs to collect the metrics that matter and put them in context.”
In addition, Brandon Middaugh, Senior Director Climate Innovation Fund at Microsoft, said, “Better collection and use of enterprise data will create new opportunities for every organisation to achieve progress in addressing the world’s toughest environmental and social problems. Software technologies such as Novata can record and track sustainability metrics, informing corporate actions to build a more sustainable and inclusive future.”
About the company
In 2021, Alexander Friedman, Christina M. Alfonso-Ercan, as well as Josh Green launched the company. Novata is a public benefit corporation that enables the private markets to achieve a more sustainable and inclusive form of capitalism.
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