FigBytes named one of Canada’s fastest-growing sustainable companies

FigBytes ESG graphic

An Ottawa firm that helps businesses track environmental, social and governance data has been named one of Canada’s fastest-growing companies that are contributing to a sustainable economy.

FigBytes came in at No. 15 on Corporate Knights’ second annual list of the country’s 25 fastest-growing “green” private companies, the firm announced Thursday. 

Corporate Knights compiles two top-25 lists, one for publicly traded companies and another for privately held firms.

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To be considered, organizations must earn the majority of their revenue from sustainable sources. Public companies are ranked on revenue growth, while private companies are evaluated on the percentage increase in capital they raised over their two most recent years of fundraising rounds from 2018-23.  

“This ranking reflects our commitment to driving positive change through innovative solutions that help organizations to make informed decisions on how to shape their sustainability programs, and to make organizations’ sustainability strategies actionable with data,” CEO Ted Dhillon said in a statement. 

“We remain dedicated to supporting our customers on their sustainability journey and contributing to a more sustainable future.”

US$20M in funding

FigBytes announced last December it raised US$14.5 million in new funding to help it prepare for what Dhillon predicts will be a surge in ESG reporting requirements over the next few years.

That brought the company’s total funding haul to more than US$20 million in the past two years as it looks to capitalize on growing efforts by businesses to demonstrate their commitment to initiatives such as fighting climate change, pushing back against discrimination and building a more diverse workforce.

Founded in 2009 by Dhillon and fellow Indian expatriate Sonam Devgan, FigBytes specializes in software that helps customers track everything from how much energy their operations consume to how their workforce demographics match up with diversity targets. 

The company now has more than 30 customers, including automotive giants Ford and Toyota as well as the State of Minnesota, up from about a dozen when it closed its US$7 million series-A round in April 2021.

FigBytes’ annual recurring revenues rose 150 per cent in fiscal 2022 compared with the previous year, and Dhillon told Techopia last December he expects the firm to come close to matching that level of growth in 2023.

The CEO said he expects to see a “massive explosion” in ESG-related industries once the global economy regains its footing and interest rates stabilize.

“I think it’s going to hit us very, very quickly,” Dhillon said. “The moment we have reined back some of the inflation issues, this is probably going to be the first area where spending really opens up. We want to get ready so that when the battle reaches us, we are set to take advantage and win it.”

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