Higg raises $50 million to expand
US-based sustainability insights platform Higg has raised $50 million in a funding round.
Launched in 2019 as a public-benefit corporation, Higg is the exclusive licensee of the Higg Index, the a measurement methodology developed by the Sustainable Apparel Coalition.
The funding will accelerate Higg's delivery of technology solutions and its expansion into new consumer goods categories such as outdoor, automotive, toys, and home goods.
Regulations are being developed in the EU and US for supply chain due diligence, in addition to recent guidelines for product labelling and sustainability claims. Shoppers are also seeking greater product-level transparency about the goods they purchase.
The funding is co-led by technology growth investor Silversmith Capital Partners and Tom Steyer and Katie Hall's Galvanize Climate Solutions, along with participation by Series A partners Titan Grove and Buckhill Capital.
Higg CEO Jason Kibbey said: "Silversmith brings experience that's needed to scale our technology and Tom Steyer's effort at Galvanize is the perfect complement given their emphasis in climate solutions. We're excited to tap into their expertise so that Higg becomes a source for ESG information through the value chain and across sectors."
The Higg Index has come under some criticism in recent years for presenting polyester as a sustainable fibre. In 2020, leather industry asked for leather to be removed from the index as the use of “inappropriate methodologies” and “out-of-date, unrepresentative, inaccurate and incomplete data” had led to leather being burdened with a disproportionately high score.
