HIGH FALLS, N.Y., May 18, 2022 (GLOBE NEWSWIRE) -- HowGood, a SaaS data platform with the world's largest ingredient and product sustainability database, today announced a $12.5M funding round led by Titan Grove, a leader in mission-and-impact-driven investing, with participation from FirstMark and other existing investors. The funding will be used to accelerate HowGood's internal growth, expand industry partnerships throughout the U.S. and Europe, and build upon the unique datasets within their sustainability intelligence platform, Latis.
With more than 70% of shoppers indicating they are willing to pay more for a sustainable product, the business case for prioritizing product sustainability in the food industry is clearer than ever. HowGood is a singular, comprehensive solution on the market providing food brands and retailers with actionable insights into product impact, indicating how and where to make changes throughout the food product lifecycle to improve holistic sustainability. HowGood's goal with this funding is to standardize the adoption of Latis among brands and retailers to reduce the environmental and social impact of their value systems, as well as meet rising consumer demand for transparency and eco-friendly options.
"We're thrilled to have Titan Grove as the lead investor of this round given their experience bringing impact-focused companies to massive global scale. The demand for impact data is high right now, creating an opportunity for us to position HowGood and Latis as the industry standard," said Alexander Gillett, CEO of HowGood. "Food companies are looking to understand and improve their holistic sustainability impact, including the carbon emissions, biodiversity, and human impacts of their supply systems. This funding round will enable HowGood to build our capacity to onboard and support more clients as we triple our team this year, as well as continue to add truly unique and comprehensive datasets to the Latis platform to enable companies to make impactful changes throughout their value system."
New features added to Latis include enhanced capabilities for Scope 3 greenhouse gas reporting, as well as significant expansion of supplier-specific data. Five of the ten largest CPGs have already onboarded Latis to improve product sustainability, including Danone, in addition to many other leading food and beverage retailers like Ahold Delhaize USA, suppliers, and restaurants like Chipotle and Shake Shack who work with HowGood to report on their products' impacts. In addition to building out the team and the metrics available within Latis to better service current customers and attract new ones, the funds will also be used to support HowGood's expansion beyond the food vertical.
HowGood's sustainability intelligence platform Latis, provides a streamlined solution that helps leading companies improve product sustainability by enhancing data granularity and providing insights into suppliers of thousands of ingredients across the world.
"It's an exciting time in the food industry as food brands, retailers, and suppliers across the globe are responding to the rise of the conscious consumer demand," said Jeffrey Tannenbaum, Founder of Titan Grove. "The global food system now accounts for more than one third of the world's greenhouse gas emissions, represents more than 70% of annual freshwater use, and employs more than a billion people. Through Latis, the food industry now has the much-needed tools and metrics to drive environmental resource efficiency and social impact. We are proud to support HowGood's talented and inspired team in their mission to positively transform the global food system."
HowGood's new funding round comes just over a year after their last raise in February 2021 and on the heels of the rollout of both their Procurement Module and Product Sustainability Portal. As demand for sustainable impact data continues to grow across industries, especially following the SEC's new climate disclosure proposal, 2022 is expected to be a year of significant growth for HowGood as they continue to cement themselves as the industry standard for holistic product impact measurement and reporting.
Latis was also recently selected as an honorable mention in the Climate and Food categories of Fast Company's 2022 World Changing Ideas Awards. To learn more about HowGood, please visit: https://howgood.com
About HowGood
HowGood is a SaaS data platform with the world's largest database on food and personal care product sustainability. With more than 33,000 ingredients, chemicals and materials assessed, HowGood helps leading brands, retailers and restaurants improve their environmental and social impact. Through in-depth, ingredient-level insights into factors like greenhouse gas emissions, biodiversity, labor risk, animal welfare, and other key impacts, HowGood's data powers strategic decision-making for the sourcing, manufacturing, merchandising, and marketing of sustainable products.
