According to Tech.eu, the money will be used for the company's expansion in North America and Asia, and the company officials are also taking into account mergers and acquisitions.

Since 2007, the company was able to raise over 725 million USD and industry speculators value it at over one billion dollars.

The way EcoVadis works is that it provides customers with an easy-to-use sustainability scorecards system, which give an insight into that company's ESG risks.

Due to this, the ESG ratings provider was able to secure over 90.000 customers from more than 200 business sectors, including Verizon, Alcatel-Lucent and Nestle.

Frederic Trinel, co-founder and co-CEO of EcoVadis, said that "we see a tipping point in the market. Everything is really accelerating."

"When we look at the numbers, this year EcoVadis will grow 50%, last year we grew 45%, the previous year 35%, and the one before 30%. So, every year we've been gaining five points of growth", he added.