NEW YORK--(BUSINESS WIRE)--Novata, an innovative technology platform and public benefit corporation that provides the private markets with a comprehensive Environmental, Social and Corporate Governance (ESG) data solution, has announced the launch of the private markets’ broadest collection of ESG benchmarks. The release increases the scope of available benchmarks on the Novata platform to include 50 universal benchmarks and more than 200 sector specific benchmarks for the 2022 reporting period. The breadth of these benchmarks offer an unprecedented view of ESG performance in private markets.
Novata’s collection of universal and sector-specific benchmarks deliver context for Novata clients to discover how their performance compares to private market peers on key ESG metrics. The underlying methodology for Novata’s benchmarks is robust, based on more than 30,000 data points from companies in 23 countries, analyzed by Novata’s internal data science team, then de-identified and aggregated. The benchmark database continues to grow organically, driven by Novata client contributor engagement on the metrics that matter to private markets participants.
“Collecting ESG data is the important first step – but once you have the data the question becomes: ‘How does this compare to others like me?,’” said Alex Friedman, CEO & Co-Founder at Novata. "We are pleased our benchmarks will empower Novata’s clients to review their ESG data in context, and enable companies to refine their ESG strategy, effectively manage risk, and increase accuracy in reporting.”
Since its commercial launch in April 2022, Novata has experienced significant global demand with more than 4,000 private companies contracted to use the platform. Novata’s secure data collection and analytics platform offers a major step forward in the current landscape of sustainability tools and metrics. The Novata solution offers critical market infrastructure for the private markets, bringing together the non-profit and for-profit sectors to help drive impact toward sustainable and inclusive capitalism.
“ESG data is nearly impossible to understand in a vacuum. The private markets, a historically opaque industry, have long needed a mechanism to compare and evaluate what ‘good’ ESG data looks like,” said Harry Mallinson, Head of Data Science at Novata. “We consider Novata benchmarks to be the critical infrastructure needed to get a full picture of your ESG performance, identify areas of improvement so you can effectively allocate resources, and, in time, increase financial value."
Novata is a public benefit corporation that enables the private markets to achieve a more sustainable and inclusive form of capitalism. Novata’s technology platform makes navigating the ESG landscape simple for private markets by identifying a clear starting point for selecting the metrics that matter, streamlining data collection, and contextualizing data to drive reporting and action. Novata, which is backed by the Ford Foundation, Hamilton Lane, Microsoft, Omidyar Network, and S&P Global, is majority controlled by mission-driven organizations and its employees. For more information, please visit https://www.novata.com/.