Compare Ethics raises funding to help identify sustainable businesses
London start-up Compare Ethics has raised almost £0.5 million “to power sustainable product verification”. The development comes at a strong time for its business model given scandals around supply chains and the desire of many more consumers to buy ethical and sustainable products.
The sustainability platform connects conscious consumers with verified sustainable products, and has raised £441,739 in pre-seed funding to grow its patent-pending B2B offering “and lead the way on eradicating greenwashing”.
The funding round was led by Ascension Ventures, with additional investment from Mariana Capital, The London Fashion Fund, The Fund, Innvotec and a number of angel investors.
The business was founded by Forbes 30 Under 30 entrepreneurs Abbie Morris and James Omisakin and does its work by using data-driven product verification.
It currently has almost 50 brands on board and is now developing original B2B technology products “to support brands' and retailers’ sustainability efforts, empowering shoppers to make informed choices”.
James Omisakin said the new investment “confirms that now is the time for businesses to transition and contribute to sustainable and ethical economies.
“Brands who are authentic, who are getting the conversation right are winners in today’s and tomorrow’s market.”
And Ascension Ventures Partner, Remy Minute, added: “Ascension is a keen investor in tech-for-good businesses. We are convinced that Compare Ethics will make a material difference to the way in which brands, retailers and members of the supply chain consider sustainability efforts and investments.”
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