UL Environment, a business unit of UL (Underwriters Laboratories), announced earlier this month that it has acquired GoodGuide, a San Francisco-based company that provide information on the health, environmental, and social impacts of consumer products. Terms of the transaction were not disclosed. GoodGuide's was founded in 2008 and its funding included a Series A of $3.73 million and Series B of $5.75 million (more background available here).
GoodGuide currently offers detailed product information for personal care, household chemical, and food products, as well as appliances, apparel, and automobiles at GoodGuide.com and through mobile applications. The company stated that it has environmental, health, and social data on more than 175,000 products and 5,000 companies.
"We are committed to helping the entire product value chain make healthy and green purchasing decisions," said Sara Greenstein, president of UL Environment. "GoodGuide strengthens our ability to deliver on that commitment."
"We look forward to melding our team and technology with UL Environment's world-class sustainability experts and impressive portfolio of services," said George Consagra, chief executive officer of GoodGuide. "This acquisition represents the union of two mission-driven marketplace leaders that are committed to advancing global sustainability, environmental health, and safety."
According to GoodGuide, it will continue offering its free online and mobile applications to consumers after the acquisition.
GoodGuide, a San Francisco-based company that San Francisco-based company that provides information on health, environmental and social impacts of products and companies, recently announced that George Consagra has been named Chief Executive Officer of GoodGuide. He takes over from Dara O'Rourke, co-founder of GoodGuide, who now takes on the role of Chief Sustainability Officer. Prior to joining GoodGuide, Consagra was President of Scribd, the largest online social publishing site and before that, served as COO of Bebo, the social networking site acquired by AOL in 2008.
GoodGuide was launched in 2008 and provides free ratings for more than 70,000 products and more than 1,500 companies. The company said that Mr. Consagra will focus on expanding GoodGuide's products and services for industry partners, developing new revenue opportunities, and expanding its consumer user base. He will oversee the launch of GoodGuide Enterprise Services, a range of services to help companies gain competitive advantage from sustainability initiatives.
"George's experience in successfully growing companies is exactly what GoodGuide needs to take the company through its next stage of expansion," said O'Rourke. "His extensive background with major brands will be invaluable in building new partnerships with manufacturers and retailers. I couldn't be more excited to have George lead GoodGuide, freeing me up to be an evangelist for GoodGuide while working closely with him on science and partnerships."
"I see huge potential in GoodGuide, both for consumers and industry partners," Consagra said. "The team has built a stellar base for growth, gathering a passionate community of users and proving the value they offer to manufacturers and retailers. When you look at my background, you can easily see that it's just an irresistible combination for me."
GoodGuide, a San Francisco-based company that helps consumers find safe, healthy, and socially responsible products and companies, announced in November that it raised $5.5 million in Series B funding in June 2009. This financing was led by new investor Physic Ventures with the additional participation of New Island Capital and existing investors New Enterprise Associates and Draper Fisher Jurvetson. In connection with GoodGuide's Series B Financing, William Rosenzweig, Managing Director of Physic Ventures, has joined GoodGuide's Board of Directors. As reported by VentureBeat, GoodGuide's Series A round was $3.73 Million.
"This new round of financing will allow GoodGuide to further our mission of providing more transparency in the marketplace, helping us expand into new product categories and to rate tens of thousands of additional products, all with the goal of empowering consumers with the impartial information they need on the products they care most about." said Dara O'Rourke, GoodGuide founder and CEO.
In addition to announcing this funding, GoodGuide announced the release of the newest version of its free iPhone application, which enables consumers to find healthy and environmentally friendly products while on-the-go. This new version includes the ability for users to scan product barcodes with their phone to obtain product information from GoodGuide.
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