Female-led investment in the technology sector gets funding from AirTree, alongside Tidal, Minderoo Foundation and early adopter, QIC.
FairSupply has announced a $6.3m Series A round led by AirTree, alongside Tidal, Minderoo Foundation and early adopter of the program, QIC.
The ESG SaaS platform plans to use the funding to expand internationally as regulators in the UK, EU, Australia and Japan crack down on corporate greenwashing.
Founded in 2019 by expert human rights lawyer, Kimberly Randle, and one of the world’s most distinguished industrial mathematicians and supply chain academics, Dr Arne Geschke, the SaaS startup has become one of the world’s most recognised ESG platforms.
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FairSupply provides corporate and institutional clients with visibility over ESG risk in supply chains and investment portfolios. Factors include modern slavery in the supply chain, Scope 3 carbon emissions, biodiversity and water use risk.
In its short history the company has already produced two world firsts – modern slavery foot printing and extinction-risk foot printing – and today it has analysed over $750 billion of procurement and investment data for some of Australia’s biggest and most respected organisations including AustralianSuper, the Queensland Investment Corporation, Synergy Energy and iconic Australian retailer, RM Williams.
The proprietary software offers the world’s most detailed view of the global economy, mapping over 60 billion global supply chains so companies can monitor scope 3 carbon emissions, modern slavery and biodiversity up to 10 layers deep in their supply chain.
FairSupply CEO and Co-founder Kimberly Randle founded the company because she felt the best way to drive change was to help the private sector make more informed purchasing and investment decisions in what was becoming an increasingly complex space.
ESG is a top priority for investors and corporates, but accurate and objective data is difficult to find, says AirTree Partner Jackie Vullinghs, who notes it was a female-led investment in the technology sector.
Randle adds that gender bias in the technology sector still exists.
“Being a female founder supported by powerful female investors is an achievement I’m proud of and will undoubtedly have a generational impact not only in the technology and VC sectors but also on the next generation of founders,” Randle says.
Serena Grant, Director of FairSupply and Head of Business Engagement for international human rights group Walk Free, which is funded by Minderoo Foundation, says the latest investment “has the potential to accelerate the impact of FairSupply’s technology so that companies can uphold their ESG responsibilities”.