Higg Co., the technology company behind the Higg Index platform, announced its $50 million Series B funding round. The funding is co-led by technology growth investor Silversmith Capital Partners, Tom Steyer and Katie Hall’s Galvanize Climate Solutions, along with participation by Series A partners Titan Grove and Buckhill Capital.
Higg was launched in 2019 as a public-benefit technology company to build software for the Higg Index tools (developed and owned by the Sustainable Apparel Coalition). This standardized measurement framework for environmental and social performance and widely used in the apparel and footwear industry.
The funding will increase Higg’s technology solutions and expansion into new consumer goods categories, including outdoor, automotive, toys, and home goods.
“In this new era of expectations, more businesses will be required to have credible impact data about their supply chains. “The truth is that measuring owned operations is easy,” said Higg Co. CEO Jason Kibbey. “For consumer products companies, the challenge is obtaining accurate data on the non-owned factories that make the goods and on the materials and products themselves. That is why we are thrilled to have Silversmith and Galvanize supporting us,” Kibbey continued. “Silversmith brings experience in SaaS innovation that’s needed to scale our technology, and Tom Steyer’s effort at Galvanize is the perfect complement given their emphasis on climate solutions. We’re excited to tap into their expertise so that Higg becomes a critical source for ESG information through the value chain and across sectors.”
“What the Higg team has done in marrying powerful and easy-to-use software with proprietary sustainability data has the opportunity to transform the footprint of entire industries,” said Todd MacLean, managing partner, Silversmith Capital Partners. “In this case, software is not only eating the world but changing it for the better. We are excited to partner with Jason and his entire team as they continue to scale and ensure consumers have better insights on environmental and social impact when making purchasing decisions.”
“While we urgently need improvements in carbon and clean energy, Higg is accelerating transformation across the board,” added Tom Steyer, co-chair, Galvanize Climate Solutions. “Reimagining sustainability within consumer goods is an interconnected challenge, and Higg’s technology addresses this throughout the supply chain.”
