Metrio B Corp, a leader in CSR software, receives second round of funding from BDC Capital to accelerate growth
Montréal, April 27, 2022 – Metrio, a certified B Corp that provides software-as-a-service (SaaS) for management of environmental, social, and governance (ESG) data and corporate social responsibility (CSR) reporting, has received non-dilutive funding from BDC Capital’s Growth & Transition Capital division. This funding will allow the company to continue to increase its revenue in this growing market. This is the second round of growth funding that BDC Capital provides to Metrio in less than a year.
The global market for sustainability and energy management software, of which extra-financial performance reporting software is a part, is already estimated to be worth more than $1 billion. It is expected to continue to grow at a high rate given factors such as the anticipated adoption of new regulations and rising investor, consumer, and employee expectations. The new funds will enable the Montréal-based company to make dozens of new hires in sales and software development. This funding also fulfills the mandate of BDC, itself a certified B Corp, to support Canadian small and medium-sized enterprises in the transition to a prosperous, inclusive, and green economy.
Founded by Patrick Elie and Pierre-Alexandre Hurtubise, Metrio was one of the first companies to emerge in its sector when it started up in 2009. It provides an easy-to-use software solution that streamlines the collection, management, analysis, and publication of ESG data in real time. Using customized indicators and reports, Metrio’s client companies can better measure the social and environmental impact of their activities and improve their performance in this area. Metrio’s software users are large companies from various industries in Canada, the United States and Europe, such as Bell, Cascades, Target, and Decathlon. Metrio’s strategy is now focused on further developing its fastest-growing market, the United States.
This funding from BDC Capital comes in the form of a patient quasi-equity loan. This form of non-dilutive subordinate financing is similar to an equity investment, particularly in terms of the size of the amount granted and the extent to which risk is shared between the parties. Interest is customized according to a formula based on the company’s actual performance. This approach is designed to preserve as much of the company’s cash flow as possible and to give it the opportunity to reinvest in its growth. Repayment of the principal is only required at maturity, which is several years away.
“BDC Capital has been a loyal partner for Metrio throughout our growth,” said Patrick Elie, CEO and co-founder of Metrio. “Over the years, its support has not only enabled us to expand our team, but position ourselves as a leader in the extra-financial reporting market. We are especially proud of this partnership given the shared values of our two B Corp certified companies.”
This financing was led by Nicolas Beaudet, Director, Technology Group, Growth & Transition Capital, BDC Capital. “Metrio is led by a passionate team that has acquired extensive knowledge of the industry over the years and has surrounded itself with experienced collaborators to support its accelerated growth,” says Beaudet. “Metrio’s software is perfectly suited to meet companies’ growing ESG performance reporting requirements. In particular, it delivers clear and user-friendly data presentation, which is becoming an increasingly important requirement.”
Metrio is a leader in sustainable development solutions. Since 2009, its CSR reporting software has helped more than 5,000 users at over 100 global companies simplify the way they collect, analyze, and share their ESG data in order to become more sustainable, transparent, and profitable. Metrio is a certified B Corp, a member of the SASB Alliance, a signatory to the United Nations Global Compact and a CDP accredited supplier.
About BDC Capital
BDC Capital is the investment arm of BDC, the bank for Canadian entrepreneurs. With over $3 billion under management, BDC Capital serves as a strategic partner to the country’s most innovative firms. It offers businesses a full spectrum of capital, from seed investments to growth equity, supporting Canadian entrepreneurs who have the ambition to stand out on the world stage. Visit bdc.ca/capital.