A new funding round on June 14 enabled EcoVadis to raise $500 million at the initiative of the European fund Astorg and the American company General Atlantic, via its investment company BeyondNetZero. The company exceeds one billion euros in value and thus becomes the 27th French unicorn, after Spendesk. It wishes to expand its international presence and make strategic acquisitions.
EcoVadis becomes a new unicorn
In response to current environmental and social challenges, corporate social responsibility (CSR), which corresponds to business practices that have a positive impact on society, has gained importance. EcoVadis, created in 2007, develops and distributes a platform that assesses the CSR performance of its customers. The company claims 95,000 companies that use its services in 175 countries for 200 different business sectors.
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After having raised 30 million dollars in 2016 and 200 million in 2020, it has just received an investment of 500 million dollars from several funds and companies such as GIC Private Limited and Princeville Capital. The investment will be completed by the end of the second quarter.
“This investment confirms the relevance of our model of ensuring the quality and sustainability of global supply chains, despite pandemics, geopolitical or financial difficulties”, explained the two co-founders of the company, Frédéric Trinel and Pierre François Thaler, via a statement.
CSR, at the heart of concerns for the industry
EcoVadis uses a CSR evaluation method which allows to know its quality of integration in the company and the actions it implements. This assessment is based on 21 indicators which correspond, for example, to the working conditions of employees or to greenhouse gas emissions.
Companies are assigned a rating that is verified by experts, and which, according to EcoVadis, provides opportunities for improving environmental, social and ethical practices related to supply chains. CSR, which is not imposed by law, has become a real concern for the industry, particularly in terms of image.