New York, USA-based AI-powered data infrastructure platform ESG Flo raised USD 5.25 million in seed capital. The round took place on October 31, 2023. Rho Ignition and Tola Capital co-led the financing. Bain & Company and Contour Venture Partners also joined in the financing.
Purpose of financing for ESG Flo
With the new capital, ESG Flo has plans to expand its solution to offer a CSRD and SEC readiness solution. The company also intends to hire best-in-class engineers for product development to advance its AI engine. Meanwhile, the company looks to scale its growth and marketing team to support more customers.
As part of the deal, Karolin, Habib and Patrick Quinlan, a proven entrepreneur and an expert in ethics and compliance, join the company’s board with Ron Kermisch of Bain & Company.
What the company’s official has to add
Patrick Obeid, founder and CEO of ESG Flo, said, “We envision a business world where ESG conversations are as important as financial ones. We’re on a mission to equip businesses with precise ESG data for integrated reporting and responsible decision making. Our new investors bring deep expertise in AI, which will allow us to scale and support more businesses to take real steps in their sustainability journey.”
What the investors have to comment
Habib Kairouz, Managing Partner at Rho Ignition, said, “Many solutions focus on the frontend presentation of ESG data, but what companies are struggling with most is ‘step zero’ of the process, which involves mapping, collecting and transforming data. This is exactly what ESG Flo accomplishes with a scalable product that uses backend technology, such as machine learning, to transform raw data into high-accuracy metrics ready for third-party verification in a matter of seconds, saving time for your sustainability team.”
In addition, Karolin Beck, Venture Partner at Tola Capital, commented, “Amidst the evolving landscape of ESG regulations, including the forthcoming EU CSRD reporting and non-financial disclosure requirements in the US, there is an urgent demand for a robust data infrastructure that aligns with ESG regulatory mandates. Companies with strong ESG strategies gain a competitive advantage, and ESG Flo facilitates the seamless integration of environmental, social, and governance factors into decision-making. This promotes sustainable and responsible practices that benefit stakeholders, the planet and future generations.”
About ESG Flo
Patrick Obeid launched the company in 2022. ESG Flo is an AI-driven data infrastructure platform. It offers customers in the industrial, manufacturing and infrastructure sectors with a solid ESG data infrastructure to manage their reporting and decision-making needs.
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