May 31, 2023

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ESG marketplace Tesel raises £320,000 to help companies stay competitive with ESG

2 min read

Tesel, a platform created to simplify the process of ESG assessments for buyers and suppliers throughout the supply chain, has raised £320,000 in a pre-Seed round led by early-stage focused venture capital firm Jenson Funding Partners and angel investors.

The investment will fund further product development, commercialisation and expansion of its highly experienced team ahead of its next phase of growth.

Tesel puts ESG tracking technology, assessments, consultations and information into one place to help businesses transparently report their sustainability credentials and find the resources they need at whatever stage of their ESG journey, saving considerable time and cost.

Small and mid-sized businesses are increasingly required to complete sustainability and ESG questionnaires when being assessed as new and existing suppliers and the EU’s upcoming Corporate Sustainability Reporting Directive (CSRD) will require companies of all sizes to disclose information on their ESG performance annually – this will also impact UK businesses with securities listed on an EU-regulated market.

However, the lack of standardisation across ESG reporting methods and multiple frameworks makes this challenging. This has left businesses in sectors such as manufacturing and hospitality ill-prepared.

Pressure throughout the supply chain as well as from investors has also increased the focus on buyers only working with suppliers that comply with ESG reporting criteria. For suppliers, a multitude of reporting methods further complicates matters.

Tesel was created in 2021 to address the growing issue for SMEs after its co-founder and CEO Reemah Shanab experienced the problem first-hand. Shanab was selling car fragrances when some of her biggest customers started asking her to complete ESG questionnaires. She was keen to prove she was doing things sustainably, and hold onto existing and win new contracts, but the assessments were large and complex, and little guidance is available. This…

Business Matters

2023-05-04 04:19:59

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