Funding

Fortifai funding news – Oslo-based Fortifai Raises €502k in Funding

Jun 25, 2024 | By Startup Rise EU

Fortifai, a startup dedicated to fast-tracking and automating Environmental, Social, and Governance (ESG) regulatory compliance, raises €502k in funding led by RunwayFBU, Startuplab, and Belgian VC Impact Shakers Ventures.

Fortifai, a startup dedicated to fast-tracking and automating Environmental, Social, and Governance (ESG) regulatory compliance, raises €502k in funding led by RunwayFBU, Startuplab, and Belgian VC Impact Shakers Ventures.

SUMMARY

  • Fortifai, a startup dedicated to fast-tracking and automating Environmental, Social, and Governance (ESG) regulatory compliance, raises €502k in funding.
  • Established in Oslo, Norway, Fortifai was developed by leaders in the business with extensive practical experience and knowledge in risk management and regulatory execution.

With this funding, it will be able to develop its platform further, increase its market share, and improve ESG compliance solutions for businesses all over the world.

Abbey Lin, CEO and founder Not another ESG reporting tool, Fortifai goes beyond the once-a-year digital checklist said, “We are excited to bring the sector past annual ESG reporting and develop a mass-market solution that enables continuous sustainability and compliance management,”.

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The founder of it is thrilled to have such broad and diversified global support. Her lead's team recognises a chance to upend the industry.

Their objective is to make ESG adoption easier and faster for businesses of all sizes, giving boards and management daily visibility into their ESG initiatives. This makes compliance and sustainability more than just a yearly reporting requirement—they become strategic drivers.

With 20 years of experience in developing and implementing worldwide sustainability and compliance, Abbey Lin has held positions at Yara International, Microsoft, and KPMG. She started from scratch and built sustainability and compliance programmes at two globally listed companies. She spent more than 15 years living in Norway before moving to Silicon Valley. Along with co-hosting the well-liked international podcast "ESG in Practice" alongside En Abdulahu, she also co-founded Oslo.AI in 2019.

Sagar Chandna, Senior Partner at RunwayFBU, highlighted Fortifai’s innovative approach: “Fortifai’s unique approach to ESG compliance is exactly what the market needs right now. Their ability to simplify and automate complex regulatory requirements while delivering substantial cost and time savings is unparalleled. We are excited to support Fortifai in their mission to make ESG compliance accessible and efficient for companies of all sizes.”

With the additional cash, Fortifai hopes to ensure effective ESG compliance for prospective customers without full-time in-house sustainability staff, expedite product development, and provide more assistance to its current pilot customers. In order to increase the impact of our ESG compliance capabilities, they are also incorporating AI into our platform.

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Gisle Østereng, Head of Investments at Startuplab, added: “We are very proud supporters of team Fortifai which undoubtedly has a lot of domain knowledge, customer traction, and high ambitions. Startuplab is looking forward to supporting the team in the years to come, and we believe Fortifai will be a very impactful company.”

Yonca Braeckman, CEO at Impact Shakers, said: “As a European impact investor, we are super excited about the potential of Fortifai to empower companies around the world to become ESG changemakers. We believe this innovation is a crucial step towards building a sustainable future where every business can effectively contribute to societal, environmental, and governance goals.”

About Fortifai

Established in Oslo, Norway, Fortifai was developed by leaders in the business with extensive practical experience and knowledge in risk management and regulatory execution. They combine data with professional guidance to streamline compliance with ESG standards.

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