Environmental data provider Iceberg Data Lab (IDL) announced today that it has raised $10 million at the first close of its Series A funding round, with proceeds aimed at supporting the company’s expansion and to strengthen its product offerings.

Launched in 2019, Paris-based Iceberg Data Lab provides data solutions for financial institutions to measure and monitor environmental metrics, such as the carbon and biodiversity footprints of portfolio companies, to analyze the impact of their investments, utilizing AI and big data. The company’s platform is utilized by more than 50 major financial institutions worldwide, and has been used in products by companies including HSBC, BNP Paribas, and Euronext.

According to IDL, the financing comes as financial institutions increasingly need more accessible, reliable, and higher quality environmental data, driven by a surge in environmental regulation including the EU’s CSRD and Deforestation Regulation (EUDR), as well as the recently published recommendations of the Taskforce on Nature-related Financial Disclosures (TNFD).

The company said that the new capital will be used to expand IDL’s 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 company’s client solutions offering.

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. In this next stage of growth, we will aim to help our clients accelerate their transition journeys to align with global environmental goals, and mitigate the negative impacts of climate change, protect natural habitats and curb biodiversity loss.”

The round was led by venture capital investor Beringea, with additional funding from French VC fund MAIF Avenir and AXA Investment Managers as well as other existing investors. The company is targeting a final close of its Series A at $11 million.

Piotr Bukanski, Investment Manager at Beringea UK, said:

“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.”