Financial institutions are contending with a surge in environmental regulation, including the European Union’s Corporate Sustainability Reporting Directive (CSRD), the EU Deforestation Regulation (EUDR), and the recently published recommendations of the Taskforce on Nature-related Financial Disclosures (TNFD).
These frameworks have strengthened rules and recommendations around environmental risk reporting, particularly the impact of investment portfolios on climate, nature, and biodiversity. Apparently, there is a stronger need for more accessible, more reliable, and higher-quality environmental data.
French startup Iceberg Data Lab resolves this challenge by providing climate and biodiversity data solutions for financial institutions. Recently, the company announced the first close of its Series A at $10 million. The round was led by the transatlantic venture capital firm Beringea (invested in AccessPay and Doctify), alongside French venture capital fund MAIF Avenir, AXA Investment Managers, and other existing investors.
With this round, the total funding raised by Iceberg Data Lab accounts surpasses $15 million. The fresh funding will be deployed into expanding its presence globally, focusing on key strategic markets, including the UK, developing the firm’s product pipeline, and investing in the latest technologies to enhance the data provider’s client solutions offering. The company targets a final close of its Series A at $11 million.
Helps financial institutions manage their environmental impact
Founded by Matthieu Maurin and Pierre-Olivier Haye in 2019, helps financial institutions measure and monitor environmental metrics. It also provides a holistic environmental life cycle analysis of portfolio companies. Iceberg Data Lab’s science-based datasets and products support the global financial community in responding to the regulatory frameworks.
Currently, the firm covers all countries, sectors, and scopes, including Scope 3 emissions. Key proprietary metrics offered via the platform include the Carbon Footprint, Science-Based 2°C Alignment (SB2A), Corporate Biodiversity Footprint (CBF), Positive Contribution, and Green Scores.
The company is aligned with internationally recognised standards, including TCFD, TNFD, EU Disclosure Regulation and Taxonomy, and ISSB standards. The platform is already utilised by over 50 major financial institutions worldwide, including Natixis, Solactive, HSBC, and Amundi. Its biodiversity data solution, the Corporate Biodiversity Footprint is widely used and recognised as a market standard by the main financial institutions active in that area.
AI assistant for ESG analysis
Last year, Iceberg Data Lab launched a tool, which utilises generative AI to assist ESG analysts interpret ESG-related data to improve benchmarking and assess corporates’ environmental impact. The AI-powered tool generates real-time, text-based, and fully sourced explanations in response to questions on the ESG data of portfolio companies.
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.”
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.”
