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HomeInsightFunding Alert AI-powered ESG Rating Start-up EcoRatings raises Undisclosed amount in its Pre-Seed...

[Funding alert] AI-powered ESG Rating Start-up EcoRatings raises Undisclosed amount in its Pre-Seed Round from EvolveX

Sustainability assessments Start-up EcoRatings raises an Undisclosed amount in its Pre-Seed Round from EvolveX, a startup accelerator program by We Founder Circle (WFC).
Aditi Balbir, Aqeel Ahmed, and Shruti Anand, Co-Founders of Ecoratings

Sustainability assessments Start-up EcoRatings raises an Undisclosed amount in its Pre-Seed Round from EvolveX, a startup accelerator program by We Founder Circle (WFC).

EcoRatings provides consumers with numeric sustainability ratings based on the United Nations’ 17 Sustainable Goals Framework, facilitating informed eco-friendly choices. EcoRatings was launched globally during the 28th United Nations Conference of Parties (COP28) in the UAE, EcoRatings conducts sustainability assessments across all sectors including Travel, Fashion, FMCG, Food, Healthcare, etc.

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On Fundraising Aqeel Ahmed, Co-Founder and COO, EcoRatings, affirmed, “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.”

New York Headquartered startup founded by 3 Indians, Aditi Balbir (CEO), Aqeel Ahmed (COO), and Shruti Anand (CGO) utilizes AI/ML and Big Data to disrupt traditional sustainability assessment frameworks, quantifying environmental impact at the product/service level.

Aditi has worked across impact assessment frameworks designed by organisations such as United Nations Environment Programme, United Nations World Tourism Organisation, World Economic Forum and the International Finance Corporation. Aqeel brings a wealth of experience as a leading member of the founding team at RateGain, contributing to its remarkable ascent in the Travel and Hospitality sectors. Shruti has made notable achievements as the AVP at Brand Capital – Times of India, successfully closing strategic alliances totaling $200 million and creating a professional network among top executives and founders in India.

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EvolveX recognized EcoRatings’ disruptive potential during Cohort 4 of its premier accelerator program, launched in August 2023, leading to an undisclosed pre-seed investment. The funds secured will be strategically deployed by EcoRatings to advance its technological development, fortifying its commitment to enhancing sustainability assessment frameworks through cutting-edge AI/ML and Big Data solutions.

Commenting on the potential of EcoRatings, Bhawna Bhatnagar, Co-Founder, EvolveX, expressed, “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. Each product undergoes a rigorous assessment, receiving rating on a scale of 10  based on verified data sources. The higher the rating, the more robust the sustainability performance of the product or service. This commitment to sustainability aligns with EvolveX’s mission to provide continuous support, mentorship, and guidance to startups, like EcoRatings, fostering their growth and success in the evolving landscape of eco-conscious consumer preferences.”

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About EvolveX

EvolveX is an early-stage program founded by We Founder Circle, that has been providing high-impact acceleration to early-revenue startups from various sectors since its inception in 2021. With a mission to take startups to the next level, EvolveX offers its extensive network of seasoned mentors and successful entrepreneurs to guide startups on their journey to success.

The program offers a range of benefits, including one-on-one mentorship sessions with handpicked angel investors and industry experts, upfront funding of $30K, and $200K worth of credits. EvolveX is committed to providing a continuous opportunity for startups, and applications are accepted on a rolling basis.

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About We Founder Circle

Established in 2020 in Mumbai, We Founder Circle is a global community of successful founders & strategic angels that have come together to push the start-up industry and steer it towards aggressive growth. WFC invests USD 50K- USD 2Mn amount in early-stage start-ups that are fueled with ambition, sustainability, and a strategic approach.

WFC provides seed funding, business development, and global networking opportunities to start-ups as it believes early-stage start-ups need a lot beyond just financial support to become scalable and stable. It has already enabled USD 12 mn worth of investments across 33 start-up deals in the year 2021 alone and invested in 70+ startups since incorporation. 

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