True achieves B Corp certification; puts people & planet before profit.
True is just one of a few thousand companies worldwide to become a certified B Corporation and just one of a small number of investment firms.
Certified B Corporations are required to achieve a minimum verified score on the B Impact Assessment, which evaluates the impact of a business’s activities on its stakeholders – for True this encapsulates its employees, portfolio, investors, corporate partners, environment, and the wider True Live Network.
True’s journey to join the B Corporation movement started in 2019 as part of its mission and purpose to “use its influence for good”. Working in collaboration with the B Corporation organisation True has achieved a real understanding of why and where it needs to modify its operations and processes so it can have the positive impact it desires, across its full suite of stakeholders. As part of the B Corporation ethos all scores are transparently shared on the B Corporation Directory.
True’s investment strategy focuses on the shifts in consumer behaviour – and backing businesses and entrepreneurs sitting at the centre of this trend. As part of this shift, consumers are becoming more socially and environmentally conscious – a sentiment that The B Corporation movement encapsulates, on behalf of business.
Paul Cocker Co-Founder of True comments: “Following a thorough and rigorous process of due diligence and meaningful and deliberate internal change, we are incredibly proud of achieving our B Corp status. Attaining the certification is a small step in our firm’s journey to ensuring we are using our influence as an investment firm, for good. Private Equity has historically had a bad reputation for putting profit before people and planet. We want that to change and have taken steps to be at the forefront of pivoting the industry in which we operate, and we encourage other firms to join us in this global movement. We’d like to encourage any founders thinking of going through the process to reach out, and we can share our thoughts on the process.”
Frugi Group CEO Sarah Clark says: “We’re delighted for True. Putting people and planet first has always been at the foundation of Frugi. Achieving B Corp status is something we deeply believe in and are currently in the process of B Impact Assessment ourselves. Having a private equity owner that already has the accreditation is not only inspiring for us as a business, but we can be confident that True genuinely believes in our shared goal and can be truly supportive of our efforts to get there.”
True’s private equity portfolio consists of ethical childrenswear brand The Frugi Group, healthy food and beverage group Soulfresh, Furniture brand The Cotswold Company, British bike brand Ribble Cycles, loungewear brand hush and home training cycling platform Zwift.