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A platform for ESG Data and Reporting FigBytes Raises $14.5 Million

Updated: Dec 21, 2022

Gigabytes, a supplier of an ESG data and reporting platform has announced it has secured $14.5 million in funding, including $10 million from current investor Quantum Innovation Fund and a $4.5 million lending facility from Silicon Valley Bank.

Through its ESG Insight Platform, FigBytes of Ottawa assists businesses in planning, monitoring, and reporting ESG objectives. Using solutions such as carbon accounting, water stewardship, philanthropy, and diversity, equity, and inclusion, the SaaS-based platform enables enterprises to conveniently and cost-effectively manage, measure, and report on ESG targets.

Akamai, Cerberus, Ford Motor, Herbalife, the State of Minnesota, and Toyota Tsusho are among the clients of FigBytes.

Ted Dhillon, co-founder, and CEO of FigBytes, stated:

"We've always believed that ESG must be tackled holistically. Carbon emissions, water use, and supply chain consequences are all interconnected. We make it simple for clients to see the big picture simultaneously, in real-time, with complete fidelity, and then to share it with stakeholders in an interactive manner. Supporting the individuals who make the decisions that drive ESG and sustainability performance has the most significant impact.

According to FigBytes, the new money will assist the company's expansion and extend its North American, European, and Indian sales and marketing, customer success, and product development operations. In the fiscal year 2022, the company's recurring revenues increased by 200 percent. Including the latest financing, the

Jeffrey Harris, a Quantum Innovation Fund partner, and FigBytes board member, stated:

"FigBytes stands out in this new market by being able to offer a wide range of features based on a deep understanding of customers' ESG reporting needs. They've built a system that works the same way as ESG professionals. They've reached product-market fit, and with this new funding, they'll be able to continue their rapid growth."

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