EcoVadis services around 30,000 customers in 110 countries

EcoVadis services around 30,000 customers in 110 countries

Environmental, social and ethical performance ratings platform EcoVadis has received around US$30m in venture capital funding to help it grow to meet demands for sustainability and supplier risk mitigation. 

The company, which currently services around 30,000 customers in 110 countries, has won the funding from US-based global venture capital firm Partech Ventures. EcoVadis will use the investment to accelerate global adoption of its supplier Corporate Social Responsibility (CSR) ratings, and to advance the reliability and value of the platform through new technology, in-house R&D, and partnerships with tech start-ups.

EcoVadis has been growing organically by around 50% annually since its inception ten years ago, with its ratings and scorecards used by 150-plus global supply chains representing $1 trillion in annual procurement spend. 

"As a transatlantic investment fund, Partech is the ideal partner as we scale," says Frederic Trinel, co-CEO of EcoVadis. "Their team brings global expertise with a strong presence in the US, a deep understanding of tech and a passion for driving performance. This pivotal investment will empower our team to accelerate R&D and enhance our proprietary technology with the latest innovations in machine learning and natural language processing while broadening our expertise in CSR analysis to foster environmental, social and ethical performance improvement at a global scale."

John Elkington, chairman of UK-based global sustainability consulting firm Volans, and EcoVadis advisory board member, says business leaders are having to make "radical shifts" to remain competitive in increasingly socially-sensitive markets.

"It's exciting to see the EcoVadis ratings and platform going mainstream – with growing potential to become the preferred enabler of business and market transformation for the two million businesses operating in global supply chains."