Supply Chain Sustainability Data Provider Everstream Raises $50 Million
Supply chain insights and risk analytics company Everstream Analytics announced today that it has raised $50 million, with funding aimed at driving the company’s innovation in operational risk and ESGEnvironmental, social, and governance (ESG) criteria are a set of standards for a company’s operations that socially conscious investors use to screen potential investments. More performance to accelerate supply chain sustainability.
Everstream applies artificial intelligence and predictive analytics to procurement, logistics and business continuity platforms, aimed at enabling businesses to achieve more autonomous and sustainable supply chains by generating more complete information, analysis and predictions. According to Everstream, the company’s solutions can help businesses demonstrate compliance with supply chain due diligence regulations around the world, and drive emissions reduction through intelligent logistics recommendations.
The financing follows significant growth for the company, with bookings doubling year-over-year in 2022, for the second consecutive year. Everstream’s clients include Danone, Abbott Laboratories, Boston Scientific Corporation, and Intertape Polymer Group.
Julie Gerdeman, CEO of Everstream, said:
“2023 has already been momentous for Everstream, and we’re not even through the first half. This funding comes when we are doubling down on our product innovation and executing rapidly and decisively to advance supply chain sustainability, which is more critical now than ever.”
The Series B funding round was co-led by Morgan Stanley Investment Management’s (MSIM) 1GT private equity platform, and global private markets investment firm StepStone Group. Morgan Stanley launched 1GT in November 2022 to invest in climate solutions companies that will eliminate 1 billion tons (1 gigaton) of CO2 emissions by 2050.
Vikram Raju, MSIM’s Head of Climate Investing and 1GT, said:
“We look to invest exclusively in companies that provide products or services to address time-critical carbon impact issues, while meeting fiduciary obligations to their investors. We are pleased to fund Everstream’s continued innovation in helping companies around the world make measurable, meaningful progress in emissions reduction while keeping their supply chains profitable.”
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