Morgan Stanley Investment Management (MSIM) announced today that the 1GT climate private equity strategy (1GT) co-led a $50 million Series B funding round for Everstream alongside existing investors StepStone Group and Columbia Capital. Everstream applies artificial intelligence to procurement, logistics and business continuity platforms to generate complete information, sharper analysis, and accurate predictions and enable businesses to achieve a more autonomous and sustainable supply chain.
Exogenous shocks and emission reduction targets have heightened scrutiny on supply chains. Indeed, as company’s supply chains can account for over 90% of their greenhouse gas emissions, diagnosing the sources and volumes of emissions across complex supply chains is imperative for firms with Net Zero commitments.1 This focus, combined with recent severe weather events and a continued hangover from pandemic disruption, has made operational and efficiency improvements to supply chains a priority for corporates.
The funding will drive Everstream’s innovation in both operational risk and Environmental, Social and Governance (ESG) performance to further enhance supply chain sustainability for global brands like AB, InBev, Whirlpool, Danone, Abbott Laboratories and Boston Scientific Corporation (BSCI) among others.
“We look to invest exclusively in companies that provide products or services to address time-critical carbon impact issues, while meeting fiduciary obligations to their investors,” said Vikram Raju, MSIM's Head of Climate Investing and 1GT. “We are pleased to fund Everstream’s continued innovation in helping companies around the world make measurable, meaningful progress in emissions reduction while keeping their supply chains profitable.”
“This funding comes when we are doubling down on our product innovation and executing rapidly and decisively to advance supply chain sustainability, which is more critical now than ever,” said Julie Gerdeman, CEO of Everstream. “I’m pleased to partner with the 1GT team and existing investors and I’m grateful to all of our customers, partners and team for their trust and collaboration as we champion this modern-day supply chain revolution.”
Part of MSIM’s $200 billion alternative investments business, 1GT aims to make investments in companies that will collectively avoid or remove one gigaton of carbon dioxide-equivalent (CO2e) emissions from the Earth’s atmosphere from the date of the Platform’s investment through 2050, the date by which the United Nations has mandated “Net Zero” must be achieved.
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Morgan Stanley Investment Management, together with its investment advisory affiliates, has more than 1,300 investment professionals around the world and $1.3 trillion in assets under management or supervision as of December 31, 2022. Morgan Stanley Investment Management strives to provide outstanding long-term investment performance, service, and a comprehensive suite of investment management solutions to a diverse client base, which includes governments, institutions, corporations and individuals worldwide. For further information about Morgan Stanley Investment Management, please visit www.morganstanley.com/im.
About Morgan Stanley
Morgan Stanley (NYSE: MS) is a leading global financial services firm providing a wide range of investment banking, securities, wealth management and investment management services. With offices in 41 countries, the Firm's employees serve clients worldwide including corporations, governments, institutions, and individuals. For more information about Morgan Stanley, please visit www.morganstanley.com.
Everstream Analytics sets the global supply chain standard. Through the application of artificial intelligence and predictive analytics to its vast proprietary dataset, Everstream delivers the predictive insights and risk analytics businesses need for a smarter, more autonomous and sustainable supply chain. Everstream’s proven solution integrates with procurement, logistics and business continuity platforms generating the complete information, sharper analysis, and accurate predictions required to turn the supply chain into a business asset. To learn more, visit https://www.everstream.ai/.
1 Source: CDP Global Supply Chain Report 2020
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