Software developer and service provider Higg Co LLC has raised additional growth capital as part of its Series B funding round. The company, which collects, evaluates and processes information on the subject of sustainability for companies in the consumer goods industry, has earned a total of 50 million US dollars (48 million euros) in this way, Higg explained on Wednesday.
The round of financing was led by investors Silversmith Capital Partners and Galvanize Climate Solutions, and the companies Titan Grove Holdings and Buckhill Capital, which had previously participated in the Series A financing, have also recommitted, according to a statement.
The data analyst wants to use the fresh money to expand its capacities in view of the increasing importance of ESG criteria in the European Union and the USA. “In this era of new expectations, more and more companies are being asked to provide credible data on the impact of their supply chains,” Higg CEO Jason Kibbey said in a statement. “The truth is that measuring your own operations is easy. The challenge for consumer goods companies is getting accurate data about the factories that make the goods – and the materials and products themselves.”
Higg was founded in 2019 to develop the necessary software for the Higg Index created by the Sustainable Apparel Coalition. The index depicts the ecological and social impact of the production of goods and, according to the company, is now “the most widely used standard in the clothing and shoe industry”.