Ethical Angel raises £407,500 to enhance employee engagement through personalised experiential learning that benefits people, planet and profit
Ethical Angel is a technology company that provides businesses with a scalable and personalised experiential learning solution for their employees. It works by packaging the needs of global charities, NGOs, social enterprises and other non-profit “causes” and matching them with profiled employees. Their model ensures high user uptake and their reporting clearly illustrates ROI benefits to people, planet and profit.
Ethical Angel’s business model is a B2B SaaS subscription service, charging contracted organisations based on the number of their employees engaged. The company has grown fast since it launched in Q3 2018 and has already built a large contracted client base including high-profile names like Barclays, BP and Frontiers.
Ethical Angel has secured £407,500 of growth capital despite the very challenging current market conditions caused by COVID-19 and lockdown. The investment was led by Moscar Capital but also included investments from ClearlySo angels and matched funding provided by the Future Fund managed by the British Business Bank. ClearlySo advised the company on the investment round and is delighted to have assisted the team in securing this capital.
Employee disengagement is costing companies billions of pounds annually. Even before COVID-19, around half of employed millennials planned to resign in the next couple of years. Over three quarters were attracted to making a positive impact and supporting companies that were aligned with their values. COVID-19 has accelerated the need for Ethical Angel’s platform, with most employees working remotely at home and causes facing significant skills shortfalls due to funding pressures.
About the fundraising, founder and CEO Alex Fahie said, “We are delighted to be joined on our journey by new shareholders who share our vision for changing the way that employees experience work. I believe employees all over the world have the right to experiential learning and our technology not only makes it personal and scalable but also provides an awesome, free resource to global causes on the frontline making the world better for us all”.
Chris Parsons, who led the transaction for ClearlySo, commented that, “Ethical Angel’s solution achieves double impact. It provides employers with personalised, scalable and rewarding real-world projects with causes for their workforces to enhance their career development and motivation. Equally, it provides these causes with free access to valuable professional skills and services. We were impressed immediately by the strong impact underpinning the business, its scalable business model, traction to date and the strong need for its digital platform by employees and charities even more now.”
Tim Marchant, CIO at Moscar Capital said, “We came across Ethical Angel in late 2019 and have been following their journey carefully. We are delighted to be part of Ethical Angel’s journey going forwards as they seek to establish themselves as a market leader for employee engagement and experiential learning”.
Notes to Editors
About Ethical Angel
Ethical Angel is an employee technology solution for personalised experiential learning that also makes the world better. The solution works by combining the ‘best bits’ of e-learning, volunteering, e-commerce, personalisation, profiling, matching and reporting in a way that adds value to people, planet and profit. The company is a certified B-Corp and currently has a community of 15k+ causes with beneficiaries in 23 countries and 30+ B2B contracted organisations.
T: 07972 252 323
About Moscar Capital
Moscar is a venture capital fund managed from London who target smaller bootstrapped companies with valuations ranging from £2m to 10m. Moscar’s edge comes from being sector agnostic, targeting companies at an early stage with very low cash burn and bootstrapping their recent growth whilst the companies receive Moscar’s significant input.
ClearlySo is Europe’s leading impact investment bank, working exclusively with enterprises and funds delivering positive social, ethical, and/or environmental impact as well as financial return.
Originally founded in 2008, ClearlySo has helped more than 190 clients with advisory and capital raising services‚Äîraising more than £280 million in impact investment from its extensive network of high-net-worth individual, family office and institutional investors.
ClearlySo is headquartered in London.
T: +44 2074909520