Environmental data provider Iceberg Data Lab (IDL) today announced that it has raised $10 million in the first close of its Series A funding round. The proceeds are intended to support the company's expansion and enhance its product offerings.
Founded in 2019, Paris-based Iceberg Data Lab helps financial institutions leverage AI and big data to measure and monitor environmental metrics such as carbon emissions and biodiversity footprint of their portfolio companies. , provides data solutions for analyzing the impact of investments. The company's platform is used by more than 50 major financial institutions around the world and has been adopted in products by companies such as HSBC, BNP Paribas and Euronext.
IDL said the financing is due to the proliferation of environmental regulations such as the EU CSRD, Deforestation Regulation (EUDR) and the recently published EU recommendations, which make financial institutions more accessible, reliable and highly efficient. The study was conducted amid a growing need for quality environmental data. Task Force on Nature-Related Financial Disclosures (TNFD).
The company said this new funding will focus on investing in the latest technology to develop the company's product pipeline and enhance its solution offering for its customers, with a focus on key strategic markets including the UK. It said it will be used to expand IDL's presence globally.
Matthieu Maurin, CEO and co-founder of IDL, said:
“We are very 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. This next phase of growth will enable our clients to accelerate their transition journeys in line with global environmental goals, mitigate the negative impacts of climate change, protect natural habitats and limit biodiversity loss.” We aim to support you. ”
The round was led by venture capital investor Beringia, with additional funding from French venture capital funds MAIF Avenir and AXA Investment Managers, as well as other existing investors. The company expects the final Series A closing to be $11 million.
Piotr Bukanski, investment manager at Beringia UK, said:
“Financial institutions need to adapt quickly to complex and evolving environmental regulations, driven by global consensus on the need to tackle the climate crisis and biodiversity loss. is unique in aligning detailed environmental data with comprehensive AI-enabled solutions that help asset managers, asset owners and banks comply with regulations, streamline reporting and focus on biodiversity. We will be able to launch new products, including new ETFs, and ultimately drive impact at scale.”