Sustainability data provider Util has closed a seed investment round, led by investment firm Eldridge.
Util offers clients research into companies, portfolio reports and assistance in creating differentiated financial products benchmarked against material sustainability issues.
The round garnered US$6 million, with participants including the Luxembourg Stock Exchange (LuxSE), the Chicago Board Options Exchange (CBOE) and Oxford Science Enterprises, the founding investor in the provider.
The funding round follows a string of recent senior appointments, including Riaz Shaikh as head of product development and Mike Goynes as chief technology officer.
John Deters, chief strategy officer at CBOE, says: “CBOE is pleased to support the further expansion of Util’s offering and global footprint. Util’s product suite is unique in the market, providing scientifically-based, objective and actionable data sets to market participants positioned around the United Nations Sustainable Development Goals.
“ESG broadly encompasses the most fundamental issues of our day. Investors and traders will increasingly demand navigational tools such as Util’s to provide direction on their ESG strategies.”
Patrick Wood, CEO at Util, adds: “We are delighted that CBOE and LuxSE share our vision and look forward to working together to integrate sustainability intelligence into the global financial system.”
