Worldfavor raises 5 MSEK to revolutionize the management of corporate sustainability data
Having a strong sustainability profile could mean great value for a company, but no player has taken on the task to digitize and centralize all the world’s comapny sustainability data – until now. The STING company Worldfavor has raised funding to expand and secure this position: 4 MSEK from AXSU Ventures combined with VINNOVA and EU funding of about 1.3 MSEK.
Worldfavor’s cloud-based SaaS solution offers companies worldwide a radical streamlining of its management of information relating to economic, environmental and social sustainability – from collection to compilation and communication. The service can be applied both within the company and in the supply chain, and even visualized toward more and more sustainability-conscious consumers.
– The potential of Worldfavor is fantastic. Digitalizing sustainability reports is both commercially good for businesses and a way to make the world more sustainable. It will be very exciting to join the journey together with the talented Worldfavor team, says Axel Sundstrom at AXSU Ventures.
Worldfavor also releases the possibility for anyone to ask companies for their sustainability data. The vision is that all information should be digital in one place – easy to access, share, compare and analyze.
– The timing is very interesting right now. For example, there is a new EU legislation on sustainability reporting, and we want to ride that wave as much as we can. We expect to increase our user base in the category large companies to about 17,000 within three years on a global scale, says Frida Emilsson, co-founder of Worldfavor.
The product is based on international sustainability standards and already has more than 2000 member companies, including Folksam, HSB and Länsförsäkringar. The investment will mainly be used for expansion with a focus on marketing and sales. The company will also prepare for expansion into the international market.
– We are very happy to have an investor who, in addition to significant expansion capital, will contribute with experience from breaking new ground in the digitalization of a new area, and sales to large corporations. They also have a technical expertise that we value, said Frida Emilsson.