Omnevue, a London-based startup that provides ESG accounting for companies, has secured $3.1m (£2.5m) in seed funding.
The company has developed a software engine to provide what it describes as audit-grade ESG accounting. These tools can assess the sustainability and ethics of clients in a similar way an accounting firm might assess the finances of a firm.
Omnevue said it aims to become the QuickBooks for ESG, with its digital and accessible interface. The service works by connecting to a company’s financial data, HR data and other sources for analysis. The platform then generates a report to determine how a company has performed.
“Until now, ESG data has not been as highly prioritised as financial data – but with more stringent regulation on the horizon, companies need a trusted solution to report on critical non-financial data in a way that complies with international accounting standards,” said Omnevue founder and CEO Daniel Jeczmien.
“Integrated accounting, the dual reporting of financial and non-financial data, is set to become the new accounting norm – and Omnevue’s platform and team of chartered accountants leverage cutting-edge technology to deliver accurate ESG performance data in a fully compliant way.”
The funding round was led by Elbow Beach Capital and Pi Labs and featured participation from Zone2boost, as well as several angel investors.
“The ability to robustly report on critical non-financial data will shape a stronger, more resilient economy – and businesses will need this to survive,” said Faisal Butt, founder and managing partner of Pi Labs.
“ESG reporting tools which work at scale globally and provide the data needed to enable improvements across not just the environment but also social and governance will be key to success.”