Societe Generale and Altalurra Ventures, a fund investing in technological start-ups with a positive impact, are providing series A £4.5 million funding for impak Ratings.
The aim is to create Europe’s leading analysis and impact rating agency. Launched in 2019 and based in Montreal and Paris, impak Ratings has signed with around twenty clients.
impack assesses how companies mitigate their negative impacts and how they create positive effects.
By contrast to the UN’s 17 Sustainable Development Goals, impak believes it goes beyond the traditional analysis of ESG issues due to a dual materiality approach which includes studying the impact of the environment on the company and visa versa.
This approach is now recognised as being instrumental to enabling the financial sector be a catalyst for the transformation of our economies, which today explains the company’s collaboration with major players in the market, such as Societe Generale, according to the French bank.
“Having a good understanding of our clients’ environmental and social issues is essential to in supporting them going further with their responsibility roadmap,” said Pierre Palmieri, head of global banking and advisory at Societe Generale.
He added, “By welcoming the start-up into Societe Generale Ventures, Societe Generale is contributing to accelerating the environmental and social transformation of its clients’ activities.”
ltalurra is also co-developing impact assessment rating with impak for use by institutional investors.
Lionel Auguste, co-founder of Altalurra Ventures, said “The announcement of our partnership with Societe Generale is significant and confirms impak’s positioning as a leading impact analysis and rating agency in Europe.
It shows the acceleration of the financial sector’s transformation towards responsible and positive impact finance. This investment and the resulting partnerships clearly demonstrate the global leadership of these players in terms of sustainable finance,” concludes Paul Allard, co-founder and CEO of impak Ratings.”
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