EcoVadis announced its first institutional funding of 30 million Euros by Partech Ventures. The minority growth investment comes after 9 consecutive years of organic growth at 50 percent since EcoVadis’ founding in 2007.
This investment is the first outside capital for EcoVadis since its founding in 2007. It will be used to accelerate worldwide adoption of EcoVadis’ supplier Corporate Social Responsibility (CSR) ratings, to advance the reliability and value delivered in its ratings, and to further invest in core technologies of its platform through in-house R&D and partnerships with best-of-breed tech start-ups.
We are glad to report that the business press and community have responded with many great articles and stories. We have assembled some extracts below:
- Wall Street Journal: Sustainability Firm EcoVadis Receives More Than $30 Million in Venture Funding
EcoVadis, a French technology firm that ranks companies for environmental responsibility, ethical treatment of workers and other practices, has received more than $30 million in venture funding, as the business of vetting corporate supply chains continues to grow rapidly.
Companies spend billions of dollars annually to ensure their suppliers aren’t using slave labor, polluting natural resources or engaging in political corruption. They often turn to third parties to investigate far-flung contractors and confirm to investors and consumers that they are behaving ethically.
This week, EcoVadis, a 10-year-old self-funded company that provides environmental, social and ethical performance ratings for global supply chains, accepted a 30 million euro investment from Partech Ventures. The company, founded in Paris nearly a decade ago, recently began expanding into the US. It counts 150 of the world’s largest buyers, including DuPont, Johnson & Johnson, Nestlé and Subway, and 30,000 suppliers, as its base. It plans to use the funding to further expand its footprint, helping even more organizations create responsible, profitable and sustainable global supply chains.
- SpendMatters: Afternoon Coffee: Beeline and IQNavigator to Merge, EcoVadis Secures €30 Million in New Funding
EcoVadis’ funding news certainly comes at a pivotal time for global supply chains. The need for greater procurement and supply chain scrutiny of sourcing sustainability and ethics is major news. One prominent example, as a recent article from the New Yorker’s news desk details, is the palm oil industry, which environmental and human-rights activists are increasingly scrutinizing due to the violent costs of the product’s boom.
France’s EcoVadis has raised €30 million from Partech Ventures to boost its R&D and global partnerships. The company builds a collaborative platform providing sustainability ratings for supply chains. It says it is being used by more than 150 of the world’s largest supply chains.
- Partech Ventures blog: Why did we invest in EcoVadis?
As customers, we’ve all come to bring higher consideration to the sustainability of our actions, even by focusing more on the social responsibility of the companies we buy from. Sustainability has become a key aspect of small and large corporate roadmaps, government programs and is in the social spotlight around the world, whatever the political context; hence the global rise of what is known as the extra-financial rating market, which includes Corporate Social Responsibility (CSR) rating. Frédéric Trinel and Pierre-François Thaler were ahead of their time, as back in 2007, they identified this emerging trend and launched EcoVadis. They specifically addressed the need for companies to offer solutions assessing the quality of suppliers and business partners at each level of the value chain.
- The PEHub Network: EcoVadis raises $31.9 mln
EcoVadis Raises €30m To Radically Expand Its Leadership In Global Supply Chain Sustainability Ratings. Funding from Partech Ventures Will Enable EcoVadis to Meet Immense Market Demands for Sustainability and Supplier Risk Mitigation.
- Fortune: Term Sheet – Wednesday, December 14
EcoVadis, a Paris-based platform for environmental, social and ethical performance ratings for global supply chains, raised €30 million ($31.9 million) in funding. Partech Ventures led the round.