Stockholm-based Worldfavor, a global platform for sustainability and compliance information and management, announced on Tuesday that it has raised €10.2M in a Series A round of funding to accelerate growth and expansion plans. The company has now raised a total of €13.4M to date.
The round was led by SEB Private Equity, a Swedish finance company that offers advisory services and products to corporate customers and is a part of the Nordic corporate bank SEB.
Babak Etemad, Investment Director at SEB Private Equity, says, “We’re happy to join the impressive team at Worldfavor in their pursuit of raising the bar on sustainability and helping organisations share critical sustainability-related information. We are confident that Worldfavor will play a vital role in this industry over the coming decade.”
The current round also saw participation from existing investors Stockholm-based investment firms Brightly Ventures and Spintop Ventures.
Empowering a sustainable future
Worldfavor helps companies to access, share and use business environmental, social, and governance (ESG) data – such as info on GHG emissions, diversity, human rights, anti-corruption, and more – to gain insights and enable sustainable action, both internally and through extensive value chains as well as investment chains.
The startup was founded in 2010 by Andreas Liljendahl, Frida Emilsson, Lars Peter Eriksson, and Par Gustafsson. It claims to help its network of 25,000+ organisations understand their impact and risks, fuel action, and stay resilient. Some of its customers include Oatly, Oakley Capital, and Grant Thornton.
Worldfavor connects organisations and makes sustainable action a reality by centralising high-quality and impactful ESG data all in one platform. This enables sustainable action. The company says it is in favour of following the law and remaining in compliance with ESG-related rules, regulations, and frameworks like the SFDR, HRDD, GHG, GRI, and others.
Capital utilisation
Worldfavor says it will use the funds for expansion and market entry plans to fill the gap in accessing, sharing and gaining insights from ESG data to accelerate sustainable action.
Additionally, the company also looks to invest in research and development to continually improve the platform, support businesses in all stages of their sustainability journey, and provide users with the “best” possible product.
Co-founder Andreas Liljendahl says, “We work with over 25,000 organisations in 130+ countries, enabling better decision-making, and increasing ESG awareness across global operations. With new funding and strategic partners, we’re now accelerating towards Worldfavor’s mission to make sustainable business the mainstream.”
