AI-powered ESG Rating Start-up EcoRatings Secures Pre-Seed Funding from EvolveX

• ByStartupStory     |    December 28, 2023

Sustainability assessments start-up EcoRatings has successfully raised an undisclosed amount in its Pre-Seed Round from EvolveX, a prominent startup accelerator program by We Founder Circle (WFC). This strategic investment will propel EcoRatings, a New York-headquartered startup founded by Aditi Balbir (CEO), Aqeel Ahmed (COO), and Shruti Anand (CGO), in its mission to revolutionize sustainability assessments using innovative AI/ML and Big Data solutions.

EcoRatings, which was globally launched during the 28th United Nations Conference of Parties (COP28) in the UAE, operates on a mission to empower consumers with numeric sustainability ratings. These ratings are based on the United Nations’ 17 Sustainable Goals Framework, enabling individuals to make informed and eco-friendly choices across various sectors, including Travel, Fashion, FMCG, Food, Healthcare, and more.

Utilizing advanced AI/ML and Big Data technologies, EcoRatings disrupts traditional sustainability assessment frameworks by quantifying environmental impact at the product/service level. Aditi Balbir, with a background in impact assessment frameworks designed by organizations such as the United Nations Environment Programme, United Nations World Tourism Organisation, World Economic Forum, and the International Finance Corporation, leads the team. Aqeel Ahmed, a key member of the founding team at RateGain, contributes his extensive experience in the Travel and Hospitality sectors. Shruti Anand, with notable achievements as AVP at Brand Capital – Times of India, brings her expertise in closing strategic alliances and building professional networks.

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

Aqeel Ahmed, Co-Founder, and COO of EcoRatings expressed, “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.”

Bhawna Bhatnagar, Co-Founder of EvolveX, commented on the potential of EcoRatings, stating, “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 a 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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