Omnevue (formerly ESGgen), the pioneering London-based software engine which provides audit-grade ESG accounting for companies, has raised $3.1 million in seed funding.
The funding round was led by venture capital firms Elbow Beach Capital and Pi Labs, with participation from Zone2boost (an open innovation programme and investor created by CaixaBank, Global Payments and Ingenico), and a number of angel investors.
Entrepreneur Daniel Jeczmien, an ex-Google marketer who founded UK rental deposit startup Flatfair, and Dr Marc Lepere, who leads Executive Education on ESG & Sustainability at King’s Business School, King’s College London, together launched Omnevue in April 2021. Since launching, Omnevue has already onboarded 100s of companies including LendInvest, Goodlord, Zeelo, Packhelp and BVRLA members onto the platform.
Aiming to become the ‘QuickBooks for ESG’ through its digital and accessible interface, Omnevue connects to a company’s financial, HR and other data sources before collecting, analysing and generating reports aligned to international accounting standards (ISAE 3000). Omnevue’s platform is already empowering many top 100 UK accounting firms to provide non-financial accounting services to their own clients, from compliance to value-add advisory services, helping them generate new opportunities and sustainable revenue.
With the International Sustainability Standards Board (ISSB) set to unveil new corporate reporting frameworks this month, SMEs are already being asked by their corporate clients, suppliers, lenders and investors - as well as independent ESG assessors - for non-financial reports, which includes carbon emissions, water usage and their gender pay gap, amongst other ESG data points.
With the rise of corporate ‘greenwashing’, regulators and governments are now clamping down on unsubstantiated green claims. Tools, such as Omnevue, that assure ESG data will become basic requirements for any businesses looking to position themselves as sustainable.
Omnevue is soon to launch a fully automated, real-time business CO2e estimator tool called ‘VueCO2e’, allowing UK and EU businesses to view and report their CO2e impacts securely by connecting their bank account - for less than £5 per month.
Omnevue founder and CEO Daniel 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, said: “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.“