Helsinki-based Sustashift has secured a funding round, led by Greencode Ventures with participation from Wave Ventures. The company focuses on automating CSRD reporting for businesses, offering a software solution that drastically reduces the time required for tasks like digital tagging, from 500 hours to just five seconds. The funding will support the scaling of this tool, designed to ease the compliance burden for both listed and non-listed companies.
Sustashift specializes in automating Corporate Sustainability Reporting Directive (CSRD) compliance for businesses. The company offers a software solution designed to simplify the process of sustainability reporting, focusing on automating tasks like XBRL tagging, which typically requires significant time and resources. By reducing these tasks to mere seconds, Sustashift aims to alleviate the regulatory burden faced by companies, enabling them to focus more on sustainability improvements rather than administrative processes.
The company serves a broad range of clients, including both listed and non-listed companies across industries such as automotive, chemical, and retail. Founded by Verneri Laakkonen, a former corporate lawyer, Sustashift’s solutions are rooted in a deep understanding of the legal complexities surrounding sustainability compliance.
Verneri Laakkonen, CEO of Sustashift: “Sustashift was born to solve the issues faced by European companies in CSRD-reporting in an automated and cost-efficient way – also for smaller, non-listed companies. In my previous role as corporate lawyer, I saw a growing need for advisory and software solutions to help in sustainability compliance. Not many lawyers become entrepreneurs, but this jump to the unknown has been great. The positive feedback from clients drives us to succeed and gives our work a purpose!”
Dr. Terhi Vapola, Managing Partner of Greencode Ventures: “CSRD reporting is a big and rapidly growing market with strong tailwinds. Sustashift has been able to capitalize exceptionally strong traction in the market, closing to a million in sales in 2024. CSRD poses heavy regulatory burden to corporates. Having a tech solution for reporting, and automating time-consuming tasks such as tagging, enables corporates to focus their own valuable time to actions and improvements on sustainability – not just reporting. As company foundations are built by lawyers, customers can rely on the CRSD solution to truly meet the complex regulatory requirements. These are the reasons why we believe Sustashift has a unique position in the market.”
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Read the orginal article: https://arcticstartup.com/sustashift-raises-funding/
