Mar 10, 2023
SustainLab raises new capital - to help more companies streamline their sustainability work
Swedish impact company SustainLab is bolstering its efforts to help businesses meet new legal requirements and expedite the transition to a more sustainable society. The company has successfully secured new capital to further accelerate its development pace. Notable among the investors is Jonas Tellander, the entrepreneur behind Storytel, who recognizes the pressing need for SustainLab's services in light of impending EU legislation on mandatory sustainability reporting.
"I have seen a clear need for this type of service in my work with Storytel's sustainability committee. The business sector is facing significant challenges with the EU's upcoming legislation on mandatory sustainability reporting, CSRD, which takes effect in less than a year. With its strong founding team, SustainLab has great potential to solve these challenges effectively, and at the same time, build a successful company. Having been involved in environmental management since the '90s, it feels like I’ve come full circle now by supporting this impact company," commented Jonas Tellander.
Founded in 2020 by Maria Svantemark, former Nordic Sustainability Manager for Findus, and Kamal Hakimzadeh, a Ph.D. in computer science, SustainLab addresses inefficiencies in sustainability data processes. In particular, Maria experienced frustration with inefficient processes in her previous experience, which led her to realize a gap in the market for software that could provide organizations with better and more frequent insight into their sustainability data.
SustainLab's business idea revolves around automating the time-consuming task of collecting and processing sustainability data through modern AI technology. This, in turn, helps businesses make better data-decisions to accelerate their business impact as well as accelerate the transition to a more sustainable society. Jonas Tellander, co-founder of Storytel, is a key investor in the new capital, along with investors from previous funding rounds. The capital injection aims to expedite the platform's development and the company's overall growth journey.
"The new legislation places higher demands on reporting, comparability and transparency regarding sustainability data. With this investment, we have the opportunity to recruit more specialists to realize the next step in the development of our platform and to meet customers' needs for data and sustainability expertise. The goal is to make sustainability data as accessible as any other business data", comments Maria Svantemark, CEO and co-founder of SustainLab.
SustainLab is a SaaS platform in Sustainability Management that automates the collection, processing, analysis and visualization of sustainability data. In addition, recommendations are given for improved sustainability work. The company was founded in 2020 by Maria Svantemark and Kamal Hakimzadeh to help companies that share the vision that accelerated sustainability work leads to both better business and a better planet. Read more at www.sustainlab.co.
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