Higg’s $50M Series B Funding Shows Further Steps Towards Supply Chain Sustainability
Higg, a sustainability insights platform for the consumer goods industry, announced a $50M Series B funding round co-led by Silversmith Capital Partners and Galvanize Climate Solutions. Series A partners Titan Grove and Buckhill Capital have also participated in the funding. The new capital will allow Higg to extend its sustainability software functionality into new categories of consumer goods, enhancing its product portfolio of sustainability insights across value chains.
Higg’ Series B funding is a shining example of how the market is moving towards supply chain sustainability transformation. Global retailers and manufacturers – such as Amazon, H&M and Zalando – face increasing scrutiny from stakeholders’ demands and rising regulatory pressure. For example, the EU Directive on Corporate Sustainability Due Diligence will require firms to look deeply into their social and environmental impacts on supply chains. Retailers and manufacturers in the consumer goods industry seek insightful supply chain sustainability information and visualization tools to assess and compare ESG performance across their value chains (see Verdantix Global Corporate ESG Survey 2021: Supply Chain Sustainability Spotlight).
Higg has held its market value proposition by providing primary ESG data to firms looking to comply with sustainability legislation and adapt to upcoming regulatory changes. In response to the industry’s appetite for social impact metrics, Higg recently launched its new social benchmarking solution that facilitates ESG knowledge for consumer goods. Therefore, Higg enables firms to improve their ESG targets by providing industry-specific data on key areas such as suppliers engagement, workers well-being and waste management (see Verdantix Higg’s New Social Benchmarking Solution Facilitates ESG Knowledge for Consumer Goods). Consequently, in a market seeking greater transparency, Higg’ Series B funding is a key step in the platform’s evolution as a provider of comprehensive ESG insights. The new funding will enable Higg to perform case-by-case ESG analysis for consumer goods manufacturers and retailers, a much-needed service for an industry subjected to stakeholders’ perceptions of its environmental and social performance.