Fortifai, a startup dedicated to fast-tracking and automating Environmental, Social, and Governance (ESG) regulatory compliance, has secured €502k in a funding round led by RunwayFBU, Startuplab, and Belgian VC Impact Shakers Ventures. This investment will boost Fortifai’s platform development, expand its market presence, and enhance ESG compliance solutions for companies worldwide.
Not another ESG reporting tool, Fortifai goes beyond the once-a-year digital checklist. “We are excited to bring the sector past annual ESG reporting and develop a mass-market solution that enables continuous sustainability and compliance management,” explained Abbey Lin, CEO and founder.
Fortifai’s founder is delighted to have such strong and diverse international backing. The team behind her lead sees an opportunity to disrupt the market. Their goal is to simplify and accelerate ESG implementation in companies of all sizes, allowing management and boards daily insights into their ESG activities. This turns sustainability and compliance into strategic drivers rather than just an annual reporting routine.
Abbey Lin brings 20 years of experience in creating and driving global sustainability and compliance, including roles at Microsoft, KPMG, and Yara International. She has implemented sustainability and compliance programs in two globally listed companies from the ground up. Originally from Silicon Valley, she has been living in Norway for over 15 years. She also co-founded Oslo.AI in 2019 and co-hosts the popular global podcast “ESG in Practice” with En Abdulahu.
In less than a year since its foundation, the startup is already making significant strides in the market, collaborating with global multinationals like Telenor and piloting innovative solutions with global corporates such as Aker Solutions, PGS, Hydro Rein, and Xeneta.
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 new funding, Fortifai aims to accelerate its product development, further support its existing pilot customers, and onboard new customers who lack full-time in-house sustainability resources, ensuring they achieve efficient ESG compliance. They are also integrating AI into our platform to make our ESG compliance capabilities even more impactful.
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.”
Read the orginal article: https://www.eu-startups.com/2024/06/oslo-based-fortifai-secures-e502k-to-automate-complex-esg-regulatory-compliance/
