London-based software engine Omnevue (formerly ESGgen), which provides “audit-grade ESG accounting for companies”, has raised $3.1m in seed funding.
The funding round was led by venture capital firms Elbow Beach Capital and Pi Labs, with participation from Zone2boost, and a number of angel investors.
Omnevue was founded in April 2021 by former Google marketer Daniel Jeczmien and Dr Marc Lepere, who leads executive education on ESG and sustainability at King’s Business School, King’s College London.
Since launch, the company – which is aiming to become the “Quickbooks for ESG” – said it had onboarded hundreds of companies including LendInvest, Goodlord, Zeelo, Packhelp and BVRLA members onto the platform.
Omnevue is about to launch a fully automated, real-time business CO2e estimator tool called ‘VueCO2e’, which will allow UK and EU businesses to view and report their CO2e impacts securely by connecting their bank account, for less than £5 per month.
Jeczmien said: “Our vision is for Omnevue to become the go-to ‘credit bureau’ for non-financial and ESG data for the private sector. 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.
“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.”
Jonathan Pollock, CEO of Elbow Beach Capital, added: “We’re delighted to have led this round alongside Pi Labs. Having known Daniel and Marc for some time and as users of the Omnevue platform, we are immensely excited about the company’s potential to help drive significant environmental impact through its insights.
“If industries are to be decarbonised efficiently, they need clear, accurate and consistent data like that provided by Omnevue, which sets the benchmark for non-financial ESG reporting.”
Faisal Butt, founder and managing partner of Pi Labs, said: “The ability to robustly report on critical non-financial data will shape a stronger, more resilient economy – and businesses will need this to survive. Contributing 40% of the world’s greenhouse gases, real estate plays a central role in shaping communities and cities around the world. While the sector has made a concerted effort to decarbonise, with that comes an urgent need for a level of transparency and ESG accuracy which simply hasn’t been achieved before.
“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. We’re proud to support Omnevue’s forward-thinking founders at this stage of their growth – their platform is perfectly positioned to create a material and positive impact for global businesses and the planet.“
