AirTree Ventures leads series A capital raise to fund expansion of FairSupply ESG platform
Law firm Lander & Rogers has advised Australian venture capital firm AirTree Ventures in a AUD6.3m series A capital raise to fund leading-edge environmental, social and governance (ESG) software-as-a-service (SaaS) platform FairSupply. Led by AirTree, the funding round included participation from venture capital firm Tidal Ventures; philanthropic organisation The Minderoo Foundation; and Queensland Investment Corporation (QIC), a Queensland Government-owned investment company.
According to Lander & Rogers lead deal partner Jared Smith, ESG is a high growth market as regulators globally crack down on corporate greenwashing. "Regulators, investors and customers are increasingly demanding greater transparency and reporting from companies in relation to ESG. The capital raise will support FairSupply to expand internationally at a critical juncture in the ESG movement," said Mr Smith.
Founded in 2019, FairSupply provides corporates and institutions with visibility over ESG risk in supply chains and investment portfolios. Its cutting-edge SaaS solution helps track carbon emissions and supply chain-related modern slavery and biodiversity risks.
AirTree partner Jackie Vullinghs said the "doctrine that a business’s only responsibility is to increase profits feels outdated in a world where the long-term environmental and societal impacts of unbridled capitalism cry out from news stories every day. Many investors now demand companies report on their ESG impact, however, to do so you need data, and it’s still extremely difficult to get objective data across a company’s supply chain."
But according to Ms Vullinghs, that's all changing. "FairSupply has mapped over 60 billion global supply chains, uniquely enabling it to identify modern slavery, biodiversity and water-use risks, not just risks associated with carbon emissions," said Ms Vullinghs.
Working alongside Mr Smith on the deal were special counsel David Tink and senior associate Jennifer Goh, who provided due diligence, transaction and negotiation support, as well as a cross-practice multidisciplinary team of legal specialists who provided intellectual property and employment advice.
Mr Smith congratulated AirTree on the successful capital raising and looked forward to continuing to work with the venture capital firm to support its future investments. "We’re delighted to lead AirTree's capital raise to help FairSupply to accelerate the world’s transition to sustainable supply chains."
The matter is one of numerous capital raises Lander & Rogers has acted on alongside both sponsors and founders in recent months, including QuintessenceLabs' $30 million series B equity fundraising and transport technology and compliance company Logmaster's undisclosed capital raise.
Image by on Fabian Wiktor Unsplash
