London-based Datamaran, an ESG risk management software platform, announced on Tuesday, September 20, that it has raised £11.7M (approximately €13.38M) in a Series B round of funding led by US-based Fortive and with the participation from American Electric Power – both long-standing partners and clients.
Sandy Nessing, American Electric Power’s chief sustainability officer, says, “The ability to gain deeper insights into ESG and how it affects our business is increasingly important. The ESG landscape is constantly evolving; having access to data-driven information about how and when those changes are occurring allows us to identify emerging issues and trends that could impact AEP. Datamaran’s platform supports monitoring of material ESG issues at any time.”
Funds to expand in the US
Datamaran says it will use the proceeds to enable additional product innovation and help ensure that the company remains at the forefront of the transition to ESG as a tactical business tool.
The capital will also support the company in expanding its US team and positioning Datamaran to scale in order to meet the needs of the expanding ESG insights market.
Co-founder of Datamaran, Marjella Lecourt-Alma, says, “After years of expansion, organic growth and achieving profitability, we see even more potential for the strategic insight we provide. This investment provides us with the capital necessary to match the growth opportunities that are increasing at an ever-faster pace as customers, employees and regulators double down on their ESG expectations.”
Datamaran: Everything you need to know
Founded in 2014 by Marjella Lecourt-Alma, Jérôme Basdevant, and Jean-Philippe Lecourt, Datamaran claims to be the only automated solution available to help leaders take ownership of their ESG strategy.
The company’s platform offers evidence-based insights and a near real-time assessment of material ESG risks that can be tailored to a client’s sector, geography, or stakeholder context. This insight allows clients to create an informed and fully integrated ESG and business strategy that can be understood by all stakeholders.
According to the company, the C-suite audience has shown an increased interest over the past year, contributing more than 40 per cent of revenue for Datamaran. Besides blue-chip enterprises and top-tier partners, the European regulator EFRAG has also recognised Datamaran as the best practice for bringing a data-driven business process for materiality analysis and risk monitoring in-house at any time.
In addition to Fortive and AEP, other companies currently using Datamaran include PepsiCo, Walgreens and Dell, while partnerships with EY, DLA Piper, Deloitte, and Intelex (a Fortive company) allow a wider range of organisations access to the valuable data insight for strategic ESG decision-making.