Circular Economy Startup ecoSPIRITS Raises $10 Million
EcoSPIRITS, a provider of circular economy solutions for the wine and spirits industry, announced that it has raised $10 million, with funds aimed at accelerating the company’s R&D program, expand in key markets and grow its regional teams.
Founded in 2018, Singapore-based ecoSPIRITS offers a low carbon, low waste distribution solution for premium wine and spirits, with a closed-loop system that eliminates nearly all packaging waste in the supply chain. Wine & Spirits producer Pernod Ricard, for example, who participated in the financing through its venture fund Convivialité Ventures, partnered with ecoSPIRITS last year for the distribution of some of its brands in Hong Kong and Singapore, which are now transported in bulk and delivered to hospitality venues in fully reusable glass containers.
Stéphane Longuet, co-Founder and Managing Director of Convivialité Ventures, said:
“We are very pleased to participate in this investment which will help develop a company offering such an innovative solution to our industry, by drastically reducing waste and carbon emissions.”
According to ecoSPIRITS, the new funding will be used to expand its investment in the company’s Intelligent Circular roadmap, scaling up its hardware, software and Internet-of-Things (IoT) research and development program. ecoSPIRITS launched the roadmap last year, upgrading its hardware portfolio with IoT capability, sensing, tracking and smart features, and integrated with a new software platform to improve closed loop performance.
Proceeds will also support key expansion in key markets, including the U.S., as well as to grow regional customer and engineering teams in Miami, London, Singapore and Shanghai.
Sui Ling Cheah, ecoSPIRITS Executive Board Chair, said:
“We are thrilled with the successful close of our Series A round, which not only validates ecoSPIRITS’ impressive progress in building a comprehensive technology platform, but also marks a significant milestone in our journey to global scale.”
The funding round was led by circular economy-focused investment firm Closed Loop Partners.
Bennett Cohen, Managing Director and Co-Head of the Closed Loop Growth Opportunities Fund, said:
“There is immense opportunity to scale circular solutions across the supply chain for premium spirits and wine. Through their innovative reusable packaging technology, ecoSPIRITS is leading the transition to a less wasteful future for the industry – one that is not dependent on carbon-intensive single use glass.”