Compare Ethics, a sustainability platform connecting conscious consumers with verified sustainable products, has raised £441,739 in pre-seed funding to grow its patent-pending B2B offering and lead the way on eradicating greenwashing.
The 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.
Founded by Forbes 30 Under 30 entrepreneurs Abbie Morris and James Omisakin, Compare Ethics builds trust and transparency through data-driven product verification.
The business already 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.
Compare Ethics’ growth comes just as sustainability emerges as a key building block with which to recharge industries in the wake of regulatory developments and the effects of Covid-19.
The company’s latest report, Building Consumer Trust in Sustainability, explored the move towards sustainability by the retail sector and revealed that consumers are increasingly suspicious of sustainability claims made by high street retailers.
James Omisakin, co-founder at Compare Ethics, said: “This raise 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. We are very excited to be driving the practices to make sustainable operations and the survival of these businesses a reality.”
Ascension Ventures Partner, Remy Minute, commented: “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.”
Mariana UFP’s Portfolio Manager, Malcolm Ritchie, added: “From our perspective, as a major investor in the round, Compare Ethics represents the future of retailing in enabling retailers to assist consumers in making more informed purchases, and we are proud to be able to support Abbie and James’ vision of the future.”
Jane Shepherdson, CBE of the London Fashion Fund, said: “We are very excited to be investing in Compare Ethics and the platform they have developed because it allows consumers to make purchasing decisions based on their own ethics and values.”