Company Profile: Responsibly

Background

Overview

Responsibly, founded in 2021 and headquartered in Copenhagen, Denmark, is a sustainability technology startup dedicated to transforming procurement practices by integrating responsible sourcing into every purchase decision. The company's mission is to empower procurement departments with the tools and data necessary to make informed, sustainable choices, thereby driving significant environmental and social impact.

Vision and Mission

Responsibly envisions a world where every procurement decision contributes positively to the planet and society. Its mission is to build the technological infrastructure that enables procurement professionals to source responsibly at scale, addressing critical issues such as climate change and human rights compliance.

Industry Significance

Operating within the Environmental, Social, and Governance (ESG) sector, Responsibly addresses the growing demand for sustainable supply chain solutions. By providing a platform that automates supplier sustainability assessments, the company plays a pivotal role in helping organizations meet regulatory requirements and achieve their sustainability goals.

Key Strategic Focus

Core Objectives

Automated Supplier Assessments: Streamline the evaluation of suppliers' ESG performance to facilitate responsible procurement decisions.

Regulatory Compliance: Assist organizations in adhering to supply chain due diligence legislations and reducing reputational risks.

Decarbonization Targets: Support clients in achieving Scope 3 emission reduction targets through comprehensive supply chain analysis.

Areas of Specialization

Supplier Data Hub: Centralized platform offering real-time insights into suppliers' sustainability practices.

Risk Analysis: Granular risk profiling of suppliers to identify and mitigate potential ESG-related issues.

Supplier Engagement: Automated tools to engage suppliers in improving their sustainability performance.

Key Technologies Utilized

Artificial Intelligence (AI): Leverages AI to gather, analyze, and interpret vast amounts of supplier data, providing actionable insights.

Automation: Automates data collection and analysis processes, reducing manual workload and increasing efficiency.

Primary Markets Targeted

Responsibly primarily serves large corporations and organizations with extensive supply chains committed to sustainability. These clients often face challenges in engaging and monitoring numerous suppliers, which can be resource-intensive. The company's platform automates this process, making it more efficient and less costly.

Financials and Funding

Funding History

Pre-Seed Round (July 2021): Raised an undisclosed amount from investors including Flash Ventures, Pirate Impact Capital, and Michael Wax.

Seed Round (October 2023): Secured $2.4 million in funding led by Pi Labs and Salica.

Total Funds Raised

As of October 2023, Responsibly has raised a total of $2.4 million in funding.

Intended Utilization of Capital

The capital raised is intended to enhance the company's AI-driven sustainability tracking capabilities, expand its technological infrastructure, and scale its operations to meet the growing demand for responsible procurement solutions.

Technological Platform and Innovation

Proprietary Technologies

AI-Enabled Sustainability Due Diligence: Utilizes artificial intelligence to perform comprehensive ESG assessments of suppliers, automating data collection and analysis.

Significant Scientific Methods

Risk Analysis Engine: Employs advanced algorithms to generate granular risk profiles for each supplier, aiding in compliance with supply chain due diligence legislations.

AI-Driven Capabilities

Automated Supplier Engagement: Leverages AI to prioritize and automate supplier engagement based on existing data and identified risks, facilitating improvements in sustainability performance.

Leadership Team

Thomas Buch Andersson – Co-Founder and CEO

Thomas brings extensive experience in logistics and supply chain management. Prior to founding Responsibly, he co-founded Ofload, a logistics technology company, where he served as Chief Operating Officer.

Jacob Vous Petersen – Co-Founder and CTO

Jacob has a strong background in technology and product development. Before co-founding Responsibly, he was a co-founder of Dixa, a customer service platform, where he played a key role in technological development.

Competitor Profile

Market Insights and Dynamics

The ESG sector is experiencing rapid growth as organizations increasingly prioritize sustainable practices. The demand for tools that facilitate responsible procurement and supply chain transparency is on the rise, driven by regulatory requirements and consumer expectations.

Competitor Analysis

Sedex: Established in 2004, Sedex offers a platform for managing supply chain data, focusing on ethical and responsible business practices. With a larger team and higher revenue, Sedex serves a broad client base.

IntegrityNext: Founded in 2016, IntegrityNext provides a platform for monitoring supplier compliance with sustainability standards. The company has secured significant funding and has a substantial team, indicating a strong market presence.

Exiger: Established in 2013, Exiger specializes in risk management and compliance solutions, including supply chain risk assessment. With a large team and significant revenue, Exiger is a formidable competitor in the space.

Strategic Collaborations and Partnerships

Responsibly has established partnerships with various investors and stakeholders to enhance its platform and expand its market reach. Notable investors include Pi Labs, Salica, Flash Ventures, Pirate Impact Capital, and Michael Wax.

Operational Insights

Strategic Considerations

Responsibly differentiates itself through its AI-driven approach to supplier sustainability assessments, offering a scalable and efficient solution for organizations aiming to enhance their supply chain transparency and compliance. The company's focus on automation and real-time data positions it competitively in the rapidly evolving ESG sector.

Strategic Opportunities and Future Directions

Strategic Roadmap

Responsibly aims to continue enhancing its AI capabilities to provide more comprehensive and accurate supplier assessments. The company plans to expand its client base by targeting organizations across various industries that are committed to sustainability.

Opportunities for Expansion

With the increasing emphasis on ESG compliance globally, Responsibly has the opportunity to expand into new markets and sectors, offering its platform to a broader range of organizations seeking to improve their supply chain sustainability.

Positioning for Future Objectives

By leveraging its technological strengths and focusing on continuous innovation, Responsibly is well-positioned to meet the growing demand for responsible procurement solutions and to play a significant role in advancing global sustainability efforts.