EcoRatings, a New York-based sustainability assessment startup, has recently raised an undisclosed amount in a pre-seed funding round from EvolveX, a startup accelerator program by We Founder Circle (WFC).
What does EcoRatings do?
Founded by Aditi Balbir, Aqeel Ahmed, and Shruti Anand, EcoRatings is known for providing numeric sustainability ratings based on the United Nations’ 17 Sustainable Goals Framework. This enables consumers to make informed, eco-friendly choices across various sectors such as Travel, Fashion, FMCG, Food, and Healthcare.
Who are the founders?
The trio of Indian founders brings a wealth of experience to the table. CEO Aditi Balbir has a background in impact assessment frameworks with organizations like the United Nations Environment Programme and the World Economic Forum.
COO Aqeel Ahmed, previously part of RateGain, contributes his extensive experience in the Travel and Hospitality sectors. CGO Shruti Anand, formerly with Brand Capital – Times of India, has a track record of closing strategic alliances and building professional networks.
The role of AI and big data in sustainability
EcoRatings, which was globally launched during the 28th United Nations Conference of Parties (COP28) in the UAE, said it leverages AI/ML and Big Data to disrupt traditional sustainability assessment frameworks. By quantifying environmental impact at the product/service level, the startup claims to offer a more precise and data-driven approach to sustainability.
Notable, this methodology aligns with the increasing consumer demand for transparency and sustainable practices in products and services.
EvolveX’s strategic investment and support
EvolveX recognized the disruptive potential of EcoRatings during Cohort 4 of its accelerator program, leading to the pre-seed investment.
Aqeel Ahmed, Co-Founder and COO, EcoRatings, said, “We are very excited to be part of the EvolveX Accelerator program and are looking forward to tapping the very rich We Founder Circle (WFC) ecosystem for business growth and raising further rounds of investment.”
“The strategic support from EvolveX and the extensive network provided by WFC are invaluable assets that will propel EcoRatings toward achieving its mission of revolutionizing sustainability assessments through innovative technology solutions,” Ahmed said.
Focusing on advancing its tech development
According to the startup, the raised capital would be used to advance its technological development, reinforcing its commitment to enhancing sustainability assessment frameworks.
Bhawna Bhatnagar, Co-Founder, EvolveX, said, “In recent years, consumers have increasingly embraced ‘greener’ purchasing habits, demanding high-quality, sustainable, and ethically sourced products at competitive prices. Transparency regarding a product’s environmental impact is paramount to consumers. EcoRatings’ rating methodology resonates with this ethos, utilizing a pure technology solution mapped to the 17 UN SDGs and ESG norms.”
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