PwC Raise | Ventures advises Dayrize on their £3.5m fundraise from Gresham House
Why PwC Raise | Ventures decided to work with Dayrize to help transform sustainability reporting and how we supported their £3.5m investment from Gresham House Ventures
Highlights
- PwC engaged and advised product impact reporting company Dayrize on their £3.5m fundraise and are exploring wider partnership opportunities
- UK based investor Gresham House Ventures led Dayrize’s first institutional funding round of £3.5m with PwC providing end to end advisory services for the deal
- Dayrize’s rapid impact assessment software is positioned in a largely fragmented market with huge opportunity for disruption
- The funding will help bolster Dayrize’s sales and customer success teams internationally, with particular focus on North America
Why did we decide to work with Dayrize?
PwC engaged with Dayrize in September 2022, with Cara Haffey leading on the deal. The team saw huge potential in the fragmented and largely nascent ESG reporting market, backed with progressive EU and US regulatory tailwinds surrounding the Corporate Sustainability Reporting Directive (CSRD). The CSRD is expected to impact nearly 50,000 companies in the coming 18 months according to a recent PwC report.
“We were excited to engage with Dayrize given our insights into the shifting regulatory landscape regarding sustainability reporting. The funding will allow Dayrize to help businesses fulfill these ESG reporting requirements and promote transparency in the industry.”
Who are Dayrize and what do they do?
Founded in 2020, Amsterdam-based Dayrize provides a rapid sustainability impact assessment tool that delivers product-level insights for retailers and consumer goods leaders. Their proprietary software platform and methodology bring together an array of data sources to provide a single holistic product-level sustainability score which is comparable across product categories.
(Dayrize provide one comparable product score based on a number of sustainability factors)
The business is led by co-founders Austin Simms (CEO) and Bart Nollen (Strategy). Simms has 20+ years’ operating in senior roles for global consumer brands while Nollen is a successful repeat entrepreneur operating in the sustainability space.
(Austin Simms CEO (left) and Bart Nollen strategy director (right))
How did our engagement support their £3.5m fundraise?
The engagement with Dayrize commenced with two months of investor readiness preparation, which included helping to curate and refine their suite of marketing documents prior to engaging with investors. This was followed by a soft launch and practice pitching session at PwC’s investor roundtable event. This gave Dayrize the opportunity to pitch in-person to 6 carefully selected investors prior to running a wider investor engagement process.
(Dayrize marketing material at the PwC Series A investor day)
Following the investor readiness phase Dayrize CEO Austim Simms then presented at the PwC Series A investor day in December 2022 to an audience of over 100 venture capital investors. PwC subsequently connected Dayrize to numerous parties that expressed interest in the proposition. Following investor conversations, PwC continued to provide tailored advisory services through to deal completion which included term sheet evaluation and due diligence support.
(Dayrize CEO Austin Simms presenting at the investor day)
(Following the pitches investors selected which companies they would like to be connected with)
The deal and what next
The £3.5m investment, led by Thomas Makey and Matt Jones at Gresham House Ventures, is the first institutional investment into Dayrize. The funds will be used to strengthen Dayrize’s capacity for serving its customer base and bolster its sales and customer success teams internationally, with a particular focus on North America.
PwC are currently in conversations with Dayrize exploring the possibility of using their software to support clients with their increasing ESG reporting requirements.
"We are already seeing the impact of the EU CSRD in how it requires many of our clients to better understand their 'value chain'. For many this is a hugely complex undertaking. Technology solutions like Dayrize combined with PwC subject matter experts will be needed to understand, manage risk and realise financial, environmental and social value."
The PwC team advising on the deal were Cara Haffey, Thomas Hudson, Jack Taylor and Sam Taylor.
“PwC has a strong ecosystem to support start-ups, and we were lucky enough to benefit from their Growth Builders program ahead of joining PwC Raise. Raise was incredibly valuable for us by getting us investor-ready through access to the vast PwC network of professionals, but also by connecting us to over 100 relevant VC’s. We look forward to continuing our partnership with PwC as they help bring our product to market”
“This investment will enable Dayrize to strengthen its offering to both existing and new customers internationally and aligns well with Gresham House Ventures’ significant experience managing innovative, impactful investments. PwC recognised the potential of the business and strong fit with Gresham House Ventures from the outset, and we are excited to support Dayrize in building an ongoing partnership with PwC.”
About PwC Raise | Ventures
PwC Raise | Ventures supports fast-growing, early-stage companies looking to raise between £1m - £30m to fund their growth. We provide expertise throughout a company's investment journey and offer the speed and focus of a boutique, with the unrivalled access of PwC's global network, seeking to build a long-term partnership with you for your fundraise and beyond.
Additionally, we work closely with a number of investors to help bring them quality deal flow, pre-packaged and ready for investment based on their criteria. For more information on how we can help you, please get in touch.
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