Another Day, Another Deal: ESGtech Evora Global Takes The PE Plunge

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Another Day, Another Deal: ESGtech Evora Global Takes The PE Plunge

Real estate ESG service provider Evora Global is the latest—though certainly not the last—ESG software scale-up securing a chunky bit of funding to take things to the next level. A consortium of firms are investing a “substantial” yet undisclosed amount in Evora Global to take a majority stake: Bridges Fund Management, a sustainability-focused B-corp; Farview, a tech-focused PE house; and MSCI, the index specialist. 

The Evora deal was announced on Monday, 11 October. A hum of activity preceded the deal: opening new offices in NYC, hiring sustainability specialist Yetsuh Frank as an EVP in September. Official releases state that the investment will help Evora move into new markets (read: the US) and to scale its proprietary software offering, SIERA. 

This deal follows in the footsteps of others reported here, those of competitors Measurabl and Deepki, both of whom secured a nice bit of funding to do the same--$50m and $167m, respectively. We note that the Measurabl and Deepki deals were Series C rounds of funding while the Evora one is more of a straight acquisition

The Verdantix view: the real estate ESG market is hot. The amounts investors are willing to spend on ESGtech focused on real estate markets is likely to grow over time as more stringent reporting regulations come into force. And, tech matters. All deals mentioned are centered around a piece of software that helps companies collect, collate and disseminate their ESG-related emissions and activities. 

Savouring the sweet smell of success is Evora founder Chris Bennet, who chucked a job at a real estate advisory firm when he pitched a new business idea on sustainability…and came in dead last. His good read of the market then is paying off in spades now, and proves that a business can do well by doing good. 

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Research Director, Smart Buildings

Justine is the Research Director of the Verdantix Smart Buildings practice. Her current research agenda focusses on digitisation, decarbonisation and optimisation across the built environment. Prior to joining Verdantix, Justine worked at Deloitte as the research lead covering transport, energy, industrial and public sectors. Justine holds a Ph.D. in Economics from Nagoya University in Japan.