Press release: Ulula Raises $1 Million in Seed Funding to Improve Labor Conditions in Global Supply Chains
Thursday, January 11, 2018
Ulula, a software and analytics platform that equips companies with tools to monitor human rights risks, announced today it raised $1 million in private seed funding to expand its mobile platform that enables organizations to engage workers directly, in real time, across global supply chains.
A recent report estimates that over 40 million people work in conditions of forced labor and modern slavery. Powering a workforce that drives an annual $150 billion in profit to the global economy, forced labor has quickly become a top global challenge — engaging vulnerable workers facing exploitative conditions is vital to combat its occurrence.
“There is a rise in regulations and consumer demand for greater insight into the conditions under which people labor 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 labor abuses.”
Funding was secured from an impact investing initiative of Humanity United, a foundation that is part of the Omidyar Group, and Good & Well, an impact investment firm that partners with early stage social purpose businesses.
“Companies can only address and improve working conditions in global supply chains if they have efficient and effective tools,’ said Ed Marcum, a Managing Director at Humanity United. “Ulula’s software makes it possible for companies to gain visibility into working conditions at scale, and to strengthen business performance and worker satisfaction through data-driven analytics.”
“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,” explains Alexandra Baillie, Managing Director of Good & Well.
Photo courtesy of Sudipto Sarkar.
Source: Press release (link opens in a new window)