Social Value Portal, a platform for capturing and analysing social impact, has announced that it has raised £3m from Beringea, the transatlantic venture capital firm.

Social Value Portal provides a solution for public and private sector organisations to measure, monitor and benchmark the social value they generate.

Its platform captures both financial and non-financial data to measure the ‘social value’ generated by an organisation and its supply chain and monitor and analyse the results.

In the UK, the Social Value Act of 2012 required the public sector to consider social value in procurement processes.

Social Value Portal was founded in 2014 to provide a tool that could report social value throughout the economy.

The platform is today used by more than 100 organisations spanning the public, private, and third sectors, including Legal & General, UBS, Barclays, Balfour Beatty, Sheffield City Council, Manchester City Council, and Bristol City Council.

Guy Battle, founder and CEO of Social Value Portal, played a role in the adoption and expansion of the Social Value Act, including advising Hazel Blears MP on a review of the legislation in 2014 that delivered a series of cross-party recommendations to the Cabinet Office.

Social Value Portal currently supports over 2000 projects to identify and quantify social value.

The platform assesses the key outcomes and metrics for projects and the communities in which they operate and provides a constant analysis of these measurements across supply chains, procurement, and project management.

Investor Beringea claimed Social Value Portal’s measurement and monitoring has unlocked over £2bn in social and economic value for customers.

The firm will use the investment to further develop its platform and expand sales and marketing.