Singapore — RIMM Sustainability, a sustainability platform based in Singapore, has raised a total of US$3m in its pre-series A round led by venture capital fund BEENEXT. Notable key investors who have backed RIMM in this round are tech investor Mamoru Taniya, and the Aswani family of the conglomerate Tolaram Group and Atlas Asset Management.
The platform disclosed it will utilize the fund in its quest to make sustainability accessible and actionable to SMEs and to develop and launch RIMM’s enhanced v2 platform, and release new features and expand the team.
RIMM’s automated platform, launched in 2021, was built to address the needs of SMEs for simplified and affordable sustainability guidance and solutions. Since its v1 launch, RIMM has secured key clients and partnerships, as well as being awarded a USD$1m Green Finance grant by the Tokyo Metropolitan Government and a grant from the Monetary Authority of Singapore.
Hero Choudhary, managing partner, BEENEXT, commented, “RIMM has an excellent product and team. We invested in RIMM because we believe in its ability to transform the state of sustainability for SMEs. The sustainability space is dominated by opaque solutions and expensive consulting driven models, RIMM’s easy-to-use platform is perfectly poised to disrupt this trend and help all companies, whether big or small, make a real impact.”
The RIMM platform, created and simplified by experts, provides SMEs with a simple yet actionable way to start their sustainability journey. The user-friendly platform has intelligent tools that enable sustainability management, reporting and optimization.
Ravi Chidambaram, CEO and co-founder, RIMM, said that they are delighted to have closed the pre-series A round, the pedigree of the participating investors were a testament to their team, their platform and their roadmap.
“This is a great step towards our goal to become the world’s largest sustainability platform and create an ecosystem where companies, citizens and stakeholders can engage to identify and solve the most pressing sustainability problems of today and tomorrow. The success of microfinance is based on banking the unbanked. At RIMM, our success as a sustainability platform will come from serving the unserved,” Chidambaram added.