ESG data provider Util closes $6m seed investment

By Gloria Methri

UK-based sustainability data provider Util has announced the closing of a $6 million seed investment round led by Eldridge.

Additional participants in the round, designed to expand global footprint and accelerate hiring needs, include the Luxembourg Stock Exchange (LuxSE), the Chicago Board Options Exchange (CBOE Global Markets), and founding investor Oxford Science Enterprises (OSE).

“We are 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, CEO, Util.

Util is a financial technology company aiming to alter the way companies invest. Customers, including PGIM Quantitative Solutions, Nuveen (a TIAA company), Danske Bank Asset Management, Degroof Petercam Asset Management (DPAM), and a.s.r., work with Util to research companies, report on portfolios, and create differentiated financial products benchmarked against material sustainability issues.

“Util’s overarching objective is fully aligned with our exchange’s mission to contribute to the growth of sustainable finance and the United Nations Sustainable Development Goals. As we accelerate the climate transition, it is increasingly important to be able to map the social and environmental impact of companies,” said Julie Becker, CEO at LuxSE. “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.”

John Deters, Chief Strategy Officer at CBOE said, “CBOE is pleased to support the further expansion of Util’s offering and global footprint, which align closely with CBOE’s own areas of strategic focus. We believe Util’s product suite is unique in the market, providing scientifically based, objective, and actionable data sets to market participants positioning around the United Nations Sustainable Development Goals. ESG broadly encompasses the most fundamental issues of our day. ”