Novisto Raises $27.0M in Series B Round

Novisto, a Montreal-based technology startup founded in 2019, is preparing for the next generation of “sustainability management” by providing corporations with auditable Environmental, Social, and Governance (“ESG”) data management and reporting software. By leveraging AI-driven insights, Novisto assists corporations through actionable insights for “continuous and sustainable growth.” Some of Novisto’s notable customers include Bell, Meta, Intact, and Bombardier. 

Novisto raised $27.0M, led by Inovia Capital, a Montreal venture capital firm, with participation from White Star Capital, Portage Ventures, Diagram Ventures, and SCOR Ventures. Both White Star Capital and Diagram Ventures participated in Novisto’s May 2021 $9.6M Series A round.

Robust ESG strategies and disclosure are quickly becoming the norm, as regulatory bodies, capital markets, employees, and third-party data providers are increasingly seeking ESG transparency. In 2022, Novisto surpassed $5M in annual recurring revenue and is on track to generate $12M to $14M in 2023. Novisto’s capital raise comes against a tight macroeconomic backdrop but highlights the conclusion that investors are still searching for companies with robust product-market-fit. Novisto plans to use the Series B funds to expand its team.