Copenhagen-based Responsibly, a data platform for responsible sourcing, announced that it has raised $2M (approx €1.68M) in its pre-Seed round of funding. The round was led by venture capital firm Flash Ventures.
Founded in February 2021, the company is currently developing and testing software and algorithms with some of its key clients. It expects to launch the product at the end of 2021 and will be available for both large and small businesses.
The current round also saw participation from Flash Ventures’ partner Johann Nordhus Westarp, serial entrepreneur and investor Ferry Heilemann, angel investor Michael Wax, and Founder and CEO of Planetly, Benedikt Franke.
“To make every purchase in the world responsible”
Founded by Jacob Vous Petersen and Thomas Buch Andersson, Responsibly is on a mission to build the technology infrastructure required to enable procurement professionals to source responsibly at scale.
Andersson says, “If we can make it as easy for purchasers to evaluate how their suppliers compare on a planetary agenda, as it is to compare them on price, then we think we can unlock the huge force for change that’s sitting in the world’s procurement departments.”
Responsibly allows organisations to define their own responsible sourcing scorecard as well as offers the option of a predefined scorecard by a leading NGO. It centralises and harmonises supplier data of more than 10,000 suppliers for pilot customers; producing the scorecards that are used to better inform sourcing decisions.
Capital utilisation
The proceeds from this round will enable Responsibly to expand its team of engineers, data scientists, and the impact intelligence team. It will also help accelerate the building of its flexible data feed and interpretation engines.
The funds will also help the company to soft-launch the first version of Responsibly.
Speaking on the development, Buch Andersson says, “The funding enables us to expand our top-end engineering team and build the engines and intelligence that can read, interpret, and translate information across sources into intuitive scorecards, so we can pilot the product with our very exciting pilot customers.”