ESG relates to the effect companies have on the environment, including their carbon footprint. It monitors the social relationship the company has internally and with communities. Lastly, governance refers to the systems and procedures the companies use to comply with the law.
“Many are now looking to the private sector to take responsibility for its impact and provide new, innovative solutions. It’s a generational shift toward a more inclusive, sustainable vision of value creation: stakeholder capitalism.”
In addition, in 2021, the European Commission developed the Sustainable Finance Disclosure Regulation (SFDR) which requires companies to disclose their ESG activities. If companies want to stay up to date with consumers’ wants and required regulations, they must improve their ESG protocols.
ESGgo provides companies with a one-stop-shop ESG technology that monitors data, performs gap analysis, and has artificial intelligence-based optimization. Previously, companies used mostly spreadsheets in order to track their ESG activities; this product will cut out these time-consuming and outdated manual processes.
The company has now raised $7 million – with Glilot Capital as a leading investor – which enabled them to officially launch today, 8 March. They are hoping to expand their capabilities in the following months. These funds will also help grow its talent recruitment and management teams.
Kobi Samboursky, co-founder and managing partner at Glilot Capital, explained the investment decision: “With sustainability and social responsibility concerns changing the way businesses and investors evaluate risk and opportunity, it’s the perfect time for this disruptive solution.”
“Helping companies improve their ESG posture is more important than ever, and Orly is the perfect person to make the change needed.”
Speaking about the investment in a blog post, Glick added: “ESGgo has operated in stealth mode over the past year, allowing us to build our team and begin working with select design partners.
“Now, we are thrilled to officially launch ESGgo with seed funding from Israel-based Glilot Capital, a leading funder of tech startups with an unparalleled reputation for building value and operational expertise, alongside several high-profile Silicon Valley angel investors.
“In the coming months, we will roll out our product to more users and expand its features and capabilities.”
So, watch this space, tracking emissions is only going to climb up organizations’ priority lists.
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