Early Impact: Meet Ettos, a Startup Bringing Transparency to Fashion
Sustainability has been an enduring concern for the fashion industry, yet its environmental impact persists. A major contributor to the industry’s carbon footprint is the supply chain, where clothing is sourced globally, resulting in significant emissions and waste, according to the United Nations Environment Programme, attributing up to 10% of the world’s carbon dioxide output to the fashion sector.
Ettos, a Nottingham-based startup founded by siblings Gianni Romano and Adriana Batty, is spearheading a mission to instill transparency in fashion. Their software-as-a-service (SaaS) tool provides fashion brands with a comprehensive understanding of their suppliers. Clients, incorporating the platform into their supply chain systems, pay a subscription fee to leverage Ettos.
Gianni Romano describes Ettos as mimicking core ordering systems, fostering accountability by logging information throughout the supply chain. This transparency holds fashion brands responsible for maintaining climate targets, aligning actions with climate pledges often made in their environmental, social, and governance (ESG) claims.
Ettos not only supports internal ESG monitoring but also empowers fashion companies to share this information with consumers. Romano emphasizes that consumers, by choosing brands utilizing Ettos, gain insight into the entire journey of their purchased items, from climate certifications in factories to shipping destinations.
Initially conceived as a software tool within their clothing-sourcing company, Lyfcycle, Romano and Batty transformed Ettos to encourage transparency among their clients. The platform’s recent launch focuses on brands associated with Lyfcycle before expanding to the broader fashion industry.
“Ettos: Catalyzing Change with Fashion Transparency” is featured in the monthly UKTN series, “Early Impact,” profiling early-stage startups addressing societal challenges.
Giant Ventures Raises £197M for a Purpose-Driven Tech Revolution
Giant Ventures Raises £197M Across Two ‘Purpose-Driven’ Funds
London-based Giant Ventures secures $250M (£197M) for two new investment funds dedicated to “purpose-driven technology.” With a focus on climate tech, health tech, and inclusive capitalism, the first fund, worth $100M, supports 25 seed-stage companies, while the second $150M fund targets Series B and beyond investments for climate tech.
Giant Ventures, envisioning the world’s leading engine of purpose-driven innovation, emphasizes partnering with ambitious founders to address urgent global issues. Previous investments, including mental health app Calm, carbon removal platform Agreena, and virtual hospital Doccla, underscore Giant’s commitment to technology as a force for good.
As the climate tech sector gains significant funding, Giant Ventures aims to fill the gap in later-stage funding, fostering solutions to pressing issues like climate change and healthcare. The venture’s recent expansion, with headquarters in London’s Notting Hill and team members worldwide, positions it as a key player in driving purpose-driven innovation.
TechUK Warns: Amendments to Investigatory Powers Act Threaten UK’s Investment Appeal
Update to Investigatory Powers Act Risks Making UK ‘Less Attractive for Investment
Changes to the Investigatory Powers Act could diminish the UK’s investment appeal, warns tech trade association TechUK. The amendments, aimed at providing intelligence services with additional tools for national security threats, raise concerns about potential conflicts with foreign companies’ national laws and grant the UK government de facto power to indefinitely veto certain software updates.
TechUK emphasizes the need for further clarity from the government, expressing the view that proposed changes may hinder technological advancements, impact consumer privacy, and make the UK less attractive for investment. The association underscores the importance of balancing public safety with technological innovation, urging decisions to be democratically accountable and approved by parliament.
Sorted’s Acquisition: A Remarkable Tech Union for Operational Efficiency
Delivery Tech Firm Sorted Acquired for £66.73 After Raising $100M
Manchester-based delivery tech firm Sorted undergoes a reverse takeover, being acquired by AIM-listed company Location Sciences for a nominal fee of £66.73. Despite raising over £70M and estimated valuations of up to £189.4M, Sorted agreed to this deal, providing Location Sciences with an opportunity to leverage Sorted’s cutting-edge technology and substantial capital investment.
Founded in 2010, Sorted specializes in software for analyzing delivery performance, working with major ecommerce partners such as Asda, Lush, and ASOS. This acquisition, described as a significant opportunity for Location Sciences, includes assuming Sorted’s outstanding debt of approximately £4.7M and integrating Sorted’s 60+ employees into the Location Sciences team.
