The raise will enable the global sustainability data provider to further its US expansion and meet the increasing demand for ESG coverage.
Led by Eldrige and followed by the LuxSE, the Chicago Board Options Exchange (CBOE) and funding investor Oxford Science Enterprises, the round will further support Util in expanding its global footprint and meeting its hiring needs.
“We’re delighted CBOE and LuxSE share our vision and look forward to working together to integrate sustainability intelligence into the global financial system,” said Patrick Wood Uribe, Util’s CEO.
Util is an excellent fit for the LuxSE because their objectives of contributing towards the growth of sustainable finance and the United Nations SDGs were well aligned.
The company’s evidence-driven analytics capture the performance of 50,000 listed companies—of every size, region, and sector—relative to the 17 United Nations Sustainable Development Goals and thousands of other sustainability concepts, thereby empowering investors to better understand and optimise their real-world impact.
“A growing number of investors are now seeking solid sources of sustainability data to evaluate the positive or negative SDG contributions of different companies as this allows them to make informed investment decisions that reflect their sustainability objectives,” explained Julie Becker, CEO at LuxSE.
John Deters, the chief strategy officer at CBOE said that Util’s “unique” product suite and their “scientifically-based, objective and actionable data sets” were contributing factors in their decision to invest in them.
Customers, including PGIM Quantitative Solutions, Nuveen (a TIAA company), Danske Bank Asset Management and Degroof Petercam Asset Management (DPAM) with Util to research companies, report on portfolios, and create differentiated financial products benchmarked against material sustainability issues.
Most recently, the company won ‘Best Sustainable Investment Research & Ratings Provider’ at Investment Week’s Sustainable Investment Awards 2022, where it was also highly commended for ‘Best Sustainable Thought Leadership Paper’.