Finland’s Upright Project raises €5M to make net impact data more available

Helsinki-based deeptech-driven open data analysis startup Upright Project has raised €5 million in a seed round. The greentech VC Planet A Ventures alongside First Fellow Partners led the funding round, Tech.eu reports.

• Founded in 2017 by Annu Nieminen and Juho Ojala, Upright builds an AI-enabled quantification model to measure the net impact of companies and funds on people, planet, society, and knowledge. In addition, the model supports companies and investors in addressing their regulatory requirements regarding sustainability.

• By December 2022, Upright’s model has been used by more than 23,000 companies. Its customers include over 180 organizations, including EQT, Summa Equity, Securitas, Cargotec, Nordea, and such. Upright’s proprietary data is globally distributed through Nasdaq Data Hub.
• The seed round was led by Planet A Ventures and First Fellow Partners. Planet A is a greentech Venture Fund looking to support European solutions for a sustainable future. First Fellow Partners is a fund launched by the Finnish angel investor Risto Siilasmaa.

“Upright’s goal is in their name: make impact assessments more honest and reputable. They are solving one of the most complex challenges businesses face by removing the blind spots in our current assessment of impact, while also democratising it. When they asked me to invest I did not need to think twice,”

Risto Siilasmaa comments.

• The fresh funding will allow Upright to scale its product offer, as well as launch different versions for consumers and employees.