Norwegian tech company Kvist has raised €1.3m ($1.36m) to support sustainability in the built environment and to bolster its market position and expedite growth.
This funding round saw participation from both existing and new investors, including Kiilto Ventures, a supplier of construction materials in the Nordics, Poland, and the Baltics, and part of the Kiilto Family Group.
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Kvist also secured continued support from current investors, including DNB Ventures, Alliance Venture, Ferd, Arkwright X, and Squid.
The construction and real-estate sectors are seen as significant contributors to global greenhouse gas emissions, energy use, and waste generation.
The EU’s stringent regulations, including the Corporate Sustainability Reporting Directive (CSRD), Sustainable Finance Disclosure Regulation (SFDR), and the EU Taxonomy, are driving demand for Kvist’s services.
These frameworks mandate large companies and financial institutions to measure and report their sustainability performance, affecting the entire value chain.
While these measures are essential for channelling funds into green initiatives, they also reportedly introduce ‘complex’ and expensive compliance challenges.
In the construction and real-estate sectors, compliance with these regulations is particularly intricate, requiring detailed, project-specific documentation and performance improvements for each building or construction project.
Kvist claims its technology streamlines this process, enabling companies to align with these regulations and green building certifications efficiently.
Developed in collaboration with industry leaders, Kvist’s platform is stated to be designed to save clients hundreds of hours per project.
It also aims to enhance environmental outcomes and data quality within their portfolios.
Kiilto Ventures says it recognises the importance of this technology for facilitating a green shift in the industry.
Kiilto Ventures managing director Matti Rönkkö said: “We see that existing and upcoming regulation in the built world is key for making it more sustainable. At the same time, we see the massive workload and the pain of collecting the required data and metrics.
“We think that solutions like Kvist not only help with the workload of new reporting standards but above all create trust in the thrive towards sustainability, by making sure the data is correct increasing the value of reporting and certificates.”
