[Funding alert] Paris-based Iceberg Data Lab Raises €9.2Million in Series A Round Funding

The French venture capital fund MAIF Avenir, AXA Investment Managers, and other current investors provided additional investment for the round, which was headed by the transatlantic venture capital firm Beringea.

The European Union's Corporate Sustainability Reporting Directive (CSRD) and EU Deforestation Regulation (EUDR), along with the recently released recommendations of the Taskforce on Nature-related Financial Disclosures (TNFD), are just two of the many environmental regulations facing financial institutions.

The guidelines and suggestions for reporting environmental risks have been reinforced by these frameworks, especially with regard to the effects of investment portfolios on biodiversity, the environment, and the climate. This has increased the demand for environmental data that is easier to get, more trustworthy, and of greater quality.

Read also - Italy-based Sense4Med Secures €510k in Funding

The global financial sector can better respond to these regulatory frameworks with the help of IDL's science-based datasets and products. More than 50 significant financial institutions globally, including Natixis, Solactive, HSBC, and Amundi, already use the company's platform.

The primary financial institutions involved in this theme generally use and acknowledge its Corporate Biodiversity Footprint as a market standard for biodiversity data.

With this latest capital infusion, the company has now raised over $15 million in funding. The funds will be used to develop IDL's product pipeline, expand the company's global presence, concentrate on important strategic markets like the UK, and enhance the data provider's client solutions offering by investing in cutting-edge technologies.

The business hopes to close its Series A round at $11 million. Leading European M&A and Fundraising Advisor in Technology, Avolta, provided advice to IDL.

Matthieu Maurin, CEO and Co-Founder of IDL, said: “We are so 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. We are grateful to Beringea, MAIF Avenir, and AXA Investment Managers who have extensive experience investing in climate technologies, driving the sustainability agenda and successfully growing ambitious early-stage companies. The support of our investors will enable us to tailor and improve on our existing client solutions and pave the way for further expansion in the UK, Europe and beyond. In this next stage of growth, we will aim to help our clients accelerate their transition journeys to align with global environmental goals, and mitigate the negative impacts of climate change, protect natural habitats and curb biodiversity loss.”

Piotr Bukanski, Investment Manager at Beringea UK, commented: “Financial institutions are having to adapt rapidly to a complex and evolving environmental regulation, driven by global consensus on the need to tackle the climate crisis and biodiversity loss. Iceberg Data Lab is unique in partnering granular environmental data with comprehensive, AI-enabled solutions in a scalable way. This enables asset managers, asset owners and banks to comply with regulation, streamline reporting, launch new products including biodiversity-focused ETFs, and ultimately drive impact at scale. Our investment is testament to the exceptional platform that Matthieu and the team have built, and the significant potential we see in its next chapter of growth.”

About Iceberg Data Lab

Iceberg Data Lab was established in 2019 to track and quantify environmental variables and give financial institutions a comprehensive environmental life cycle analysis of the companies in their portfolio. The company now covers all nations, industries, and scopes, including emissions under Scope 3.

Read also - Germany-based moveXM Acquired Feeddex BV and 5-Star Specialist BV

The Carbon Footprint, Science-Based 2°C Alignment (SB2A), Corporate Biodiversity Footprint (CBF), Positive Contribution, and Green Scores are among the important proprietary indicators provided by IDL's platform. Additionally, Iceberg Data Lab complies with internationally acknowledged standards such as ISSB, TCFD, TNFD, and EU Disclosure Regulation and Taxonomy.