Axa, Mirova, Solactive buy stakes in fintech firm developing biodiversity tool

Iceberg Data Lab secures backing from AXA Investment Managers, Natixis IM, Mirova, Sienna Investment Managers and Solactive

AXA Investment Managers, Natixis IM and its affiliate Mirova, Sienna Investment Managers and Solactive have taken a minority stake in fintech firm Iceberg Data Lab (IDL), as part of its €5m Series A Funding.

Paris-based IDL is a fintech company specialising in ESG data for financial institutions. It has for example developed the Corporate Biodiversity Footprint, a biodiversity impact assessment tool. 

AXA IM, Sienna IM, and Solactive told RI they acquired the stakes on company-level and that there was no lead investor. 

Matthieu Maurin, Co-founder of IDL, explained that its shareholders are now split into three blocs: Management (IDL’s co-founders), the new pool of investors, and Paris-based environmental advisory firm, I Care & Consult.

Moving forward, the investors – who will each be represented on IDL’s Supervisory Board and thus have voting rights – will support the data provider’s expansion and product development, which includes data coverage expansion, automated machine learning, and autonomous AI.

“Through this partnership, we aim to bring our experience and knowledge of the financial markets, with the ambition to contribute to the emergence and adoption of a European standards such as on biodiversity,” said Marco Morelli, Executive Chairman at AXA IM, Tim Ryan, CEO of Natixis IM, Pedro-Antonio Arias, CEO at Sienna Investment Managers, and Steffen Scheuble, CEO at Solactive in a statement.

AXA IM and Mirova are already part of an investor consortium, alongside BNP Paribas Asset Management, Sycomore, Karner Blue Capital and UK hedge fund Marshall Wace, working with IDL and I Care & Consult to develop a biodiversity assessment methodology and tool for financial portfolios.

A spokesperson for AXA IM told RI there would be no change to this work and that they will soon be ready to speak about the methodology.

KPMG Corporate Finance and legal firm GCA advised IDL on the funding round.