Section 02
Measuring our Environmental, Social, and Governance efforts
Our aim is to nurture the growth of sustainable, enduring software companies. In 2025, Monterro launched two new funds, both classified as Article 8 funds under the EU's Sustainable Finance Disclosure Regulation (SFDR), meaning they promote environmental and social characteristics throughout the investment process. To maintain and enhance portfolio companies' sustainability focus, Monterro monitors all Principal Adverse Impact (PAI) factors on a yearly basis, collecting and reporting collective emissions data to benchmark progress and identify areas for improvement.
Our commitment to Environmental, Social, Governance (ESG)
Track & Measure
Monterro carefully tracks and measures the environmental impact of its investments, including all PAI factors, and uses this insight to track and work to reduce the environmental footprint of its own operations and those of its portfolio companies.
Culture
Safe, inclusive, and diverse workplaces are essential. That's why Monterro promotes strong, people-first cultures both internally and across the portfolio.
Governance
Good governance matters. Monterro continuously builds and improves policies to support ethical, effective leadership in its own business and in the companies it supports.
Managing risks
From the first investment conversation to the final exit, ESG risk is integrated in how Monterro evaluates and works with its portfolio companies. ESG data gathered from the portfolio throughout the holding period helps us inform assessment of potential risks at portfolio company level.
Transparency
Monterro stays accountable by measuring and sharing portfolio companies' greenhouse gas emissions in line with globally recognised GHG protocols. Monterro also takes part in the ESG Data Convergence Initiative, an open partnership of private equity stakeholders committed to standardising ESG performance assessment frameworks across the industry.
Environmental impact
Our portfolio's environmental footprint
Our most significant impact on the environment comes from our portfolio companies. We've equipped all our portfolio companies with the visibility they need to benchmark their impact, measure progress, and identify areas for improvement.
The collective greenhouse gas (GHG) emissions from our portfolio companies
Scope 3 emissions cover the emissions from the entire value chain such as suppliers, customers and employees.
For software businesses, the increasing demand for computing power, such as for AI, and data storage, means the majority of their emissions fall into Scope 3, from third-party data centres and servers, and business travel.
In 2025 emissions associated with Monterro's portfolio companies totalled 7,359 tonnes of CO₂e across Scope 1, 2 and 3.*
Scope 3 GHG
Scope 2 GHG
Scope 1 GHG
*Our portfolio companies' total emissions, not Monterro's share of ownership. GHG figures are complied from data as reported by Monterro's portfolio companies. Only values above O is shown in the graph. Please note that from 2024, we measure all Scope 3 factors. Please also note that we acquired 8 additional portfolio companies in 2025.
Emissions intensity: 2024 vs 2025
Tonnes CO₂e per €1M revenue — tracking efficiency as the portfolio grows.
Scope 1
t CO₂e per €1M revenue
Scope 2
t CO₂e per €1M revenue
Scope 3
t CO₂e per €1M revenue
Matilda FoodTech
Smarter meals. Less waste. Better outcomes.
Food is one of the most complex supply chains in the world, and one of the least digitised. Matilda FoodTech is changing that.
Matilda FoodTech is digitising the entire process by connecting producers, wholesalers, procurement teams and meal organisations in one data-driven platform. From menu planning in schools to procurement in hospitals and food safety in care homes, the platform enables smarter decisions through automation and real-time insights across the entire meal process.
This includes continuous tracking of sustainability KPIs such as CO₂e per portion, organic share, and food waste levels. Rather than reviewing sustainability targets once a year, meal organisations get the insight they need to act on them every day.
By enabling more precise planning and purchasing, Matilda FoodTech helps reduce food waste at scale, supporting both cost efficiency, operational performance and meaningful climate impact.
CO₂e per portion — tracked in real time
Organic share monitoring across menus
Food waste levels measured and reduced at scale
Social impact
We don't just invest in software companies. We invest in people.
Monterro is not just here to invest capital. The mission is to build something greater together by investing in the people within portfolio companies, the Nordic software community, and society at large.
Top Talent Program & Management Network
In 2025, our Management Network Meetings have been extended for portfolio company teams, and the highly appreciated tailored Top Talent Program continues to reward and develop high performers.
Partnering with GAIN
Monterro works closely with GAIN, Girls Are Investors, to promote more women into the investment industry. Diversity in finance is essential for building a stronger, more innovative industry. gainsweden.org
Giving back to society
The Monterro 1-2-3
We're especially proud of our Monterro 1-2-3 initiative which focuses on giving back to society.
1M SEK
per year allocated to giving back to society
2 days
of volunteering per employee
3 causes
we supported 2025
Supporting Vietnam
Empowering young women in Vietnam with access to tech education through Passerelles Numériques, backing all training and facility costs for the Entrepreneurship Program.
Supporting Ukraine
Supporting Ukraine through the organisation Come Back Alive, contributing to those affected by the ongoing conflict.
Celebrating entrepreneurship
Celebrating entrepreneurship among young students with Swedish Ung Företagsamhet, inspiring the next generation of founders.
Governance impact
Good governance matters.
Monterro takes its commitment to governance seriously and assesses relevant social and human rights issue of an investment.
Monterro also identifies and excludes investments in companies engaged in illegal activities, as well as businesses involved in tobacco, assault weapons and ammunition, casinos and gambling, or pornography.
In 2025, Monterro focused on ensuring all portfolio companies have a Code of Conduct and an ESG policy in place. The results are encouraging: 90% of portfolio companies have a Code of Conduct, and 62% have an ESG policy in place — building a consistent foundation for responsible business practices across the entire portfolio.
Investment exclusions
2025 governance progress
Areas of impact in 2025
Three areas.
One mission.
Building something greater together
We support our portfolio companies to create profitable and sustainable growth in the AI era. By investing in Nordic B2B software companies and growing them into market leaders, we create value for customers, employees, and shareholders.
Read sectionMeasuring our Environmental, Social, and Governance efforts
Monitoring the impact we, and our portfolio companies, have on people, the planet, and on society. Tracking emissions, promoting diversity, and building responsible governance frameworks across the portfolio.
Read sectionEnriching our community
Bringing the Nordic B2B software community together and helping it grow. Sharing our expertise across our network so businesses across the Nordics have the support and insight they need to create their own sustainable growth paths.
Read section
Looking ahead to 2026
We will continue to build something even greater together.
We're proud of what we achieved in 2025, but the mission stays the same. We look forward to sharing our 2026 results with you next year.
Continue to ensure all portfolio companies have an ESG policy and a Code of Conduct in place.
We assess ESG data readiness, including emissions and energy data, as part of our due diligence processes.
Engage with smaller data centre providers to influence greater transparency on energy sources and encourage the adoption of renewable-powered data centres across our portfolio.