The Net Purpose platform has raised $17.5 million (£10 million), in a series A round led by ETF Partners.
The company provides investors with ESG and impact data for portfolio companies, but stresses it doesn’t offer ratings.
Sustainable investors have long faced challenges sourcing quality company data outside beyond the standard financial data, which is mandated.
While most ESG reporting today focuses on measuring environmental and social risks facing a portfolio, the Net Purpose team wants to empower managers to measure the broader impacts they’re having on society and the world.
The platform uses a combination of AI and human intelligence to scale access to high quality data.
Net Purpose was founded by Leapfrog alum Sam Duncan and currently informs close to $50 billion in sustainable funds.
“In the race to achieve climate and other sustainable goals, the sophistication of sustainable and impact investing is rapidly advancing. Investors are demanding the facts on the social and environmental performance of their funds, just like they do financial return. We are proud to arm investors with trusted and transparent data, and we are honoured to power the most sophisticated investors in the world.” says Sam Duncan, Founder and CEO.
The Series A Round will help to expand the company’s product and team, and launch new features.
It saw new investors join the cap table, M-Tech Capital and Exceptional Ventures. While existing investors continued their support, including: Jim O’Neill, former Chair of Goldman Sachs Asset Management, Kevin Gould, Co-Founder IHS Markit, the Louis Family, Illuminate Financial, and Revent.
“We are great believers in the power of data to drive meaningful change. By utilising the Net Purpose datasets, investors can now drive the shift in capital allocation into impact and climate-friendly assets. Net Purpose has established the highest quality dataset in the market, and is a pioneer in new and increasingly urgent themes. We are looking forward to the road ahead.” says Tomer Strikovsky, Partner at ETF Partners.