ImpactAlpha, February 5 – Melbourne, Australia-based startup Socialsuite has closed $1.85 million in early funding from AddVenture Fund and Salesforce Ventures.
Socialsuite launched in 2014 to develop software to help investors, companies and other organizations track the social and environmental impacts of their work. At the time, the nascent impact investing market in Socialsuite’s home country only amounted to about A$580 million ($539 million in 2014). It has since grown ten-fold.
“Organizations are increasingly expected to produce evidence of their impact and be accountable to not just shareholders, but all stakeholders,” Socialsuite’s Brad Gurrie said in a statement. Socialsuite’s founding team wants companies to be able to apply “the same rigor to impact measurement as there has been for hundreds of years around commercial and financial reporting.”
The software supports more than 100 third-party measurement methodologies, which users can select and use, or they can develop and track their own metrics. Socialsuite has also developed a product for impact investors to track their portfolios against the U.N. Sustainable Development Goals.
The company said its product has been adopted by clients in Australia, Canada, South America, the U.K. and U.S. Its client roster includes U.K. retail company Marks and Spencer, the Salvation Army, Poverty Stoplight in Paraguay, and the YMCA.
