This week, climate data startup Iceberg Data Lab (IDL) announced the first close of its Series A, raising $10 million.
Financial institutions are contending with a surge in environmental regulation, including the European Union’s Corporate Sustainability Reporting Directive (CSRD) and the EU Deforestation Regulation (EUDR), as well as the recently published recommendations of the Taskforce on Nature-related Financial Disclosures (TNFD).
These frameworks have strengthened rules and recommendations around environmental risk reporting, particularly the impact of investment portfolios on climate, nature, and biodiversity.
This has strengthened the need for more accessible, reliable, and higher-quality environmental data.
IDL was launched in 2019 to measure and monitor environmental metrics and provide a holistic environmental life cycle analysis of portfolio companies for financial institutions.
Key proprietary metrics offered via IDL’s platform include the Carbon Footprint, Science-Based 2°C Alignment (SB2A), Corporate Biodiversity Footprint (CBF), Positive Contribution and Green Scores.
The firm’s platform is already utilised by over 50 major financial institutions worldwide, including Natixis, Solactive, HSBC and Amundi. Its biodiversity data solution, the Corporate Biodiversity Footprint, is widely used and recognised as a market standard by the main financial institutions in that area.
The round was led by Beringea, with additional funding from MAIF Avenir, AXA Investment Managers and other existing investors.
According to Matthieu Maurin, CEO and Co-Founder of IDL:
“We are so proud to have achieved the first close of our second funding round at Iceberg Data Lab, strengthening our position as an emerging leader in the global ESG data market.
We are grateful to Beringea, MAIF Avenir, and AXA Investment Managers who have extensive experience investing in climate technologies, driving the sustainability agenda and successfully growing ambitious early-stage companies.
“In this next stage of growth, we aim to help our clients accelerate their transition journeys to align with global environmental goals, mitigate the negative impacts of climate change, protect natural habitats and curb biodiversity loss.”
Piotr Bukanski, Investment Manager at Beringea UK, commented:
“Financial institutions are having to adapt rapidly to a complex and evolving environmental regulation, driven by global consensus on the need to tackle the climate crisis and biodiversity loss.
Iceberg Data Lab is unique in partnering granular environmental data with comprehensive, AI-enabled solutions in a scalable way.
This enables asset managers, asset owners and banks to comply with regulation, streamline reporting, launch new products including biodiversity-focused ETFs, and ultimately drive impact at scale.”
The latest funding, which brings its total funding raised by the company to over $15 million, will be deployed into expanding IDL’s presence globally, focusing on key strategic markets, including the UK, developing the firm’s product pipeline, and investing in the latest technologies to enhance the data provider’s client solutions offering.
Lead image: Danting Zhu.
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