You cannot use ethically sourced, locally produced, sustainably farmed dead fish these days that fail to meet the Environmental, Social, and Governance (ESG) goals in the meetings. board of directors meeting or annual report of the company. Therefore, it is surprising that while it is very easy to get PR for achieving goals, it is even harder to actually measure and track how companies are performing against their goals. there. Tired of the hot air and empty promises – and eager to make the achievement of set goals easier, ESGgo come together. The company created a suite of software to help change that — and it just raised $7 million to put on some running shoes and get up and running in earnest.
Orly Glick, CEO and co-founder at ESGgo explains: “The target audience is corporations – or basically any company that is already public or is considering going public.
The product itself is focused on data collection; From the first 50 companies ESGgo spoke to, they knew none of the tools were available. The company already knows that most ESG tracking is now done in some rather esoteric system – mainly spreadsheets or collaborative databases. Of course, external review agencies may have their own tools, but for internal use, those are slim options.
“Currently, ESG is seen by some as all talk, little action – there could be hundreds of executives touting the importance of ESG, but we still lack a common yardstick to clearly understand. on ESG performance,” Bruce Dahlgren wrote as part of a TechCrunch+ article earlier this year. “Without that, it’s hard to determine what’s right and what’s wrong, or a strong investment from a short-sighted perspective.”
To fully track the impact of ESG within a business, GRI and SASB The proposed standard tracks hundreds of data points across the organization. It is therefore especially important to collect data, as well as to gather information from different data sources, before collating, analyzing and reporting on it. This data, combined with measuring it against company goals, is the space in which ESGgo operates.
“Even in terms of the human side of data collection – it’s not fun having to knock on the door of every department to start asking for information. So in addition to the data itself, our tool also manages the workflow. Finally, we do an analysis of all the data and we see the company’s current situation in their ESG, compared to historical performance. Analyze the gap and benchmark against the industry to see how we can become better than your peers and competitors. In particular, the latter will be an AI optimization. ”
The company raised 7 million dollars led by the Israeli venture company Glilot Capital for an undisclosed valuation.
“Glilot is not only one of the top funds in Israel, but they are an excellent, global fund. They have operational experience, rigorous operation experience and they have real mensches. They value women and have a team that creates extraordinary value,” said Glick. “We also have some really interesting angel investors from the Valley and some of the top tech companies in the Valley that really believe in climate.”
Glick leads a team of 10 people across Israel and California. She co-founded the company with Ido Green, who has held senior engineer roles at Google, Netflix, and most recently Facebook.
“We are delighted to be an early supporter of ESGgo. Orly has an incredible track record and great vision in using technology to improve ESG reporting. With concerns about sustainability and social responsibility changing the way businesses and investors assess risks and opportunities, this is the perfect time for this groundbreaking solution,” said Kobi Samboursky, co. Founder and managing partner of Glilot Capital said. “Helping companies improve their ESG posture is more important than ever, and Orly is the perfect person to make the change needed.”
The seed funding will allow ESGgo to accelerate recruiting, starting with a team of engineers based in Israel, and further evolving its product offering.