Business sustainability ratings provider EcoVadis has raised $500m in a Series C round of funding, valuing the company at $1bn. The firm will use these funds to accelerate its global expansion, deepen its artificial intelligence and machine learning capabilities, and make strategic acquisitions.
Headquartered in New York and Paris, EcoVadis delivers intelligence and evidence-based ratings to monitor and improve the sustainability performance of businesses and their trading partners. Its scorecards, benchmarks, carbon action tools, and insights are used to help guide an 'improvement journey' for environmental, social and ethical practices across 200 industry categories in 175 countries.
The investment round was led by Astorg and BeyondNetZero, with participation from GIC and the Climate Technology Fund, bringing the total raised to date to more than $725m. Frédéric Trinel (pictured), co-founder and co-CEO of EcoVadis, comments: 'We expect this investment to enable us to build on our traction to meet companies - including SMEs and private companies - at any stage of their sustainability journey, and collaboratively drive improvement in practices and impact at scale'.
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