Circular economy technology company ecoSPIRITS has raised a $10 million Series A funding round to continue scaling the world's first low-carbon, low-waste distribution technology for the premium spirits industry.
By leveraging business as a force for good, ecoSPIRITS provides both a cost advantage and a transformative carbon footprint reduction. The ecoSPIRITS patent-pending, closed-loop technology is active in 25 countries worldwide, including many of the world's largest consumer markets, including Michelin-starred restaurants, the world's 50 Best and Asia's 50 Best bars, and iconic hotels.
Pernod Ricard's venture capital fund, Convivialité Ventures, joined the round with Closed Loop Partners, Proterra Asia, Pavilion Capital, and ecoSPIRITS' existing investor, Wavemaker Partners.
ecoSPIRITS will use the fresh funds to strengthen its leadership position and accelerate and scale up the technologies, expand operations in key markets, including the United States, and grow its regional customer and engineering teams in Miami, London, Singapore, and Shanghai. The investment comes as Pernod Ricard expands its partnership with ecoSPIRITS to markets outside of Asia.
In March 2022, Pernod Ricard was one of the first global drinks companies to partner with ecoSPIRITS to distribute some of its premium brands in Hong Kong and Singapore. As a result, absolut vodka, Beefeater gin, and Havana Club rum are transported in bulk and delivered to hospitality venues in a fully reusable 4.5-liter glass container, thus reducing waste and carbon emissions from the production and transportation of bottles and other secondary packaging.
Sui Ling Cheah, ecoSPIRITS Executive Board Chairman, 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.