Toronto-based Ulula has officially announced its $1 million seed round.
Targeting the mining, energy, and agriculture industries, Ulula’s mobile platform allows businesses to measure environmental, social, and governance (ESG) risks. Employees can share insights on working conditions to give companies insights into the business, while companies, in turn, can encourage two-way dialogue with mass broadcasts.
“There is a rise in regulations and consumer demand for greater insight into the conditions under which people labour to create the products we consume every day.”
The company suggests that it’s tackling the problem of forced labour, which reportedly drives profits of $150 billion USD to the global economy. “There is a rise in regulations and consumer demand for greater insight into the conditions under which people labour to create the products we consume every day,” said Antoine Heuty, Ulula’s CEO. “Ulula is creating the most scalable platform to help companies manage and measure their labor risks. In doing so, we are supporting the creation of ethical supply chains and redefining what it means to effectively monitor for labour abuses.”
The funding was secured from an impact investing initiative of Humanity United, a foundation part of philanthropy organization Omidyar Group, and Good & Well, a Toronto-based impact investment firm that partners with early-stage social purpose businesses.
“Ulula enables direct and ongoing dialogue between companies and the workers in their supply chains, setting a new standard for risk mitigation to benefit workers and strengthen business. We’re excited to be part of such scalable impact,” said Alexandra Baillie, managing director of Good & Well.
Ulula was the winner of the $25,000 Ontario Centres of Excellence’s Discovery Social Enterprise pitch competition and named Best Social Enterprise at InnovateTO150. It was also one of the first startups to join the Blakes Nitro program, which earmarks $1 million in legal services for startups.
