HACE: Tech for Good startup secures £450,000 funding
HACE: Data Changing Child Labour, a Tech for Good startup based in Manchester, has successfully raised £450,000 in its pre-seed funding round, exceeding its initial target by 20%. The startup, with a mission to use technology to eliminate child labour in global supply chains sustainably, demonstrated impressive growth by oversubscribing the round by £75,000 despite the challenging funding environment of 2023. Manchester Angels led the funding round, with co-investments from GC Angels, Ada Ventures, Found Capital, and individual angel investors.
The funding secured will be utilized by HACE to finalize the development of its flagship product, the Child Labour Index.
This tool will empower asset managers, wealth managers, and institutional investors to proactively identify child labour risks within their portfolio companies and engage with these businesses efficiently through the Stewardship Toolkit. The AI-powered ESG rating generated by the index provides three distinct risk scores, enabling investors to make informed decisions.
In addition to completing the build of the Child Labour Index, the funding will support further development through Proof-of-Concept feedback and Pilot phases with a select group of asset managers and wealth managers. HACE will continue to enhance its Stewardship Toolkit while investing in the growth of its Independent Business Advisory Board. The startup's commitment to eradicating child labour as a significant business and investment risk is reinforced by ongoing research and development efforts.
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