Fortifai, an Oslo-based startup focused on automating Environmental, Social, and Governance (ESG) regulatory compliance, has successfully raised €502k in a funding round. Leading the round were RunwayFBU, Startuplab, and Belgian VC Impact Shakers Ventures. This investment will accelerate Fortifai’s platform development, enhance its market presence, and improve ESG compliance solutions for companies worldwide.
Fortifai is not just another ESG reporting tool; it aims to transcend the traditional annual ESG checklist. “We are excited to move beyond annual ESG reporting and develop a comprehensive solution for continuous sustainability and compliance management,” explained Abbey Lin, CEO and founder of Fortifai.
With a diverse team and strong international backing, Fortifai is poised to disrupt the market. The company aims to simplify and speed up ESG implementation for businesses of all sizes, offering management and boards daily insights into their ESG activities. This approach transforms sustainability and compliance from an annual chore into a strategic asset.
Abbey Lin, with 20 years of experience in global sustainability and compliance, has held significant roles at Microsoft, KPMG, and Yara International. She has successfully implemented sustainability and compliance programs in globally listed companies and has been a resident of Norway for over 15 years. Lin also co-founded Oslo.AI in 2019 and co-hosts the popular global podcast “ESG in Practice” with En Abdulahu.
In less than a year, Fortifai has made significant strides, partnering with global multinationals like Telenor and piloting innovative solutions with companies such as Aker Solutions, PGS, Hydro Rein, and Xeneta.
Sagar Chandna, Senior Partner at RunwayFBU, praised Fortifai’s innovative approach: “Fortifai’s unique approach to ESG compliance is exactly what the market needs right now. Their ability to simplify and automate complex regulatory requirements while delivering substantial cost and time savings is unparalleled. We are excited to support Fortifai in their mission to make ESG compliance accessible and efficient for companies of all sizes.”
With the new funding, Fortifai plans to accelerate product development, support existing pilot customers, and onboard new clients who lack full-time in-house sustainability resources, ensuring efficient ESG compliance. They are also integrating AI into their platform to enhance ESG compliance capabilities further.
Gisle Østereng, Head of Investments at Startuplab, expressed his support: “We are very proud supporters of team Fortifai. The team has extensive domain knowledge, customer traction, and high ambitions. Startuplab looks forward to supporting Fortifai in the years to come and believes they will become a highly impactful company.”
Yonca Braeckman, CEO at Impact Shakers, added: “As a European impact investor, we are thrilled about Fortifai’s potential to empower companies globally to become ESG changemakers. This innovation is crucial for building a sustainable future where every business can effectively contribute to societal, environmental, and governance goals.”
Fortifai’s journey is just beginning, but with solid backing and a clear vision, the startup is set to make significant waves in the ESG compliance landscape. By leveraging AI and continuous improvement, Fortifai aims to provide businesses with the tools they need to manage sustainability proactively and strategically.
