Util, a London, UK-based sustainability data platform provider, raised $6M in Seed funding.
The round was led by Eldridge, with participation from Luxembourg Stock Exchange, Chicago Board Options Exchange, and Oxford Science Enterprises.
The company intends to use the funds to expand global footprint and accelerate hiring needs.
Led by CEO Patrick Wood Uribe, Util is a provider of sustainability intelligence to financial institutions. Its evidence-driven analytics capture the performance of 50,000 listed companies relative to the 17 United Nations Sustainable Development Goals and thousands of other sustainability concepts, empowering investors to understand and optimise their real-world impact.
Customers, including PGIM Quantitative Solutions, Nuveen (a TIAA company), Danske Bank Asset Management, Degroof Petercam Asset Management (DPAM), and a.s.r., work with Util to research companies, report on portfolios, and create differentiated financial products benchmarked against material sustainability issues.
The announcement comes as the team accelerates hiring in key senior roles. Most recently, Util appointed Riaz Shaikh to lead product development. Shaikh was previously Global Head of Data Analytics Strategy, Investment Banking, at Credit Suisse, where he spearheaded strategy and product in relation to alternative, ESG and sustainability data. Earlier this year, Mike Goynes joined Util as CTO, prior to which he was Chief Data Officer at supply-chain AI unicorn Interos.
FinSMEs
04/11/2022