Iceberg Data Lab (“IDL”), a leading provider of climate and biodiversity data solutions for financial institutions, today announces the first close of its Series A at US$10m (GBP £8m).
The round was led by Beringea, the transatlantic venture capital firm, with additional funding from French venture capital fund MAIF Avenir, AXA Investment Managers and other existing investors.
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, more reliable, and higher quality environmental data. IDL’s science-based datasets and products support the global financial community in responding to these regulatory frameworks, and 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 recognized as a market’s standard by the main financial institutions active in this thematic.
The latest capital injection, which brings total funding raised by the company to over $15m, 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. The company is targeting a final close of its Series A at $11m. IDL were advised by Avolta, a leading European M&A and Fundraising Advisor in technology.
Matthieu Maurin, CEO and Co-Founder of IDL said: “We are so proud to have achieved the first close of our second funding round at Iceberg Data Lab, which strengthens 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. The support of our investors will enable us to tailor and improve on our existing client solutions and pave the way for further expansion in the UK, Europe and beyond.
“In this next stage of growth, we will aim to help our clients accelerate their transition journeys to align with global environmental goals, and 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. Our investment is testament to the exceptional platform that Matthieu and the team have built, and the significant potential we see in its next chapter of growth.”
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. Today, the firm covers all countries, sectors and scopes including Scope 3 emissions. 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. IDL is also aligned with internationally recognised standards including TCFD, TNFD, EU Disclosure Regulation and Taxonomy, and ISSB standards.
Beringea has a successful track record of more than 20 years of venture investing. In recent years it has invested in several businesses enabling the climate transition, including Gorilla, EVIOS, and now Iceberg Data Lab. Beringea is also co-founder of ESG_VC, a network of over 250 VC firms supporting early-stage companies to measure and improve their ESG performance.