The French venture capital fund MAIF Avenir, AXA Investment Managers, and other current investors provided additional investment for the round, which was headed by the transatlantic venture capital firm Beringea.

The European Union's Corporate Sustainability Reporting Directive (CSRD) and EU Deforestation Regulation (EUDR), along with the recently released recommendations of the Taskforce on Nature-related Financial Disclosures (TNFD), are just two of the many environmental regulations facing financial institutions. The guidelines and suggestions for reporting environmental risks have been reinforced by these frameworks, especially with regard to the effects of investment portfolios on biodiversity, the environment, and the climate. This has increased the demand for environmental data that is easier to get, more trustworthy, and of greater quality.The global financial sector can better respond to these regulatory frameworks with the help of IDL's science-based datasets and products. More than 50 significant financial institutions globally, including Natixis, Solactive, HSBC, and Amundi, already use the company's platform. The primary financial institutions involved in this theme generally use and acknowledge its Corporate Biodiversity Footprint as a market standard for biodiversity data.

With this latest capital infusion, the company has now raised over $15 million in funding. The funds will be used to develop IDL's product pipeline, expand the company's global presence, concentrate on important strategic markets like the UK, and enhance the data provider's client solutions offering by investing in cutting-edge technologies.The business hopes to close its Series A round at $11 million. Leading European M&A and Fundraising Advisor in Technology, Avolta, provided advice to IDL.

"We are so proud to have achieved the first close of our second funding round at Iceberg Data Lab, which strengthens our position as an emerging leader in the global ESG data market," stated Matthieu Maurin, CEO and co-founder of IDL. We are appreciative of the investment managers from Beringea, MAIF Avenir, and AXA who have a wealth of knowledge when it comes to investing in climate technology, advancing the sustainability agenda, and building ambitious early-stage businesses. With the help of our investors, we will be able to customize and enhance the client solutions we already offer and open the door for additional growth in the UK , Europe and beyond.

"In this next phase of expansion, our goal is to support our clients in expediting their transition processes to conform to international environmental standards, as well as to lessen the adverse effects of climate change, preserve natural ecosystems, and stop the extinction of biodiversity."

"Financial institutions are having to adapt rapidly to a complex and evolving environmental regulation, driven by global consensus on the need to tackle the climate crisis and biodiversity loss," said Piotr Bukanski, Investment Manager at Beringea UK.

IDL was established in 2019 to track and quantify environmental variables and give financial institutions a comprehensive environmental life cycle analysis of the companies in their portfolio. The company now covers all nations, industries, and scopes, including emissions under Scope 3. The Carbon Footprint, Science-Based 2°C Alignment (SB2A), Corporate Biodiversity Footprint (CBF), Positive Contribution, and Green Scores are among the important proprietary indicators provided by IDL's platform. Additionally, IDL complies with internationally recognized standards such as ISSB, TCFD, TNFD, and EU Disclosure Regulation and Taxonomy.

Beringea has invested in venture capital for more than 20 years with great success. It has made investments in a number of companies that are helping the climate transition in recent years, such as Gorilla, EVIOS, and recently Iceberg Data Lab. Co-founder of ESG_VC, a network of more than 250 venture capital firms that helps early-stage businesses assess and enhance their environmental, social, and governance (ESG) performance, is Beringea.