EcoSPIRITS, a company that provides circular economy solutions for the wine and spirits industry, has secured $10 million in a Series A funding round, led by New York-based circular economy investment firm, Closed Loop Partners. The funds will be utilized to accelerate the company’s research and development program, expand into strategic markets, and grow its regional teams.
Four leading Asian and global institutional investors have also joined the funding round, including food sector private equity investor, Proterra Asia; Pavilion Capital; Convivialité Ventures, the venture arm of global wine and spirits leader, Pernod Ricard; and ecoSPIRITS’ existing venture capital investor, Wavemaker Partners
Founded in 2018 and headquartered in Singapore, ecoSPIRITS offers a sustainable distribution solution for premium wine and spirits, focusing on reducing carbon emissions and minimizing packaging waste in the supply chain.
One of their notable partners, Pernod Ricard, participated in the financing round through its venture fund Convivialité Ventures. Last year, Pernod Ricard collaborated with ecoSPIRITS to distribute some of its brands in Hong Kong and Singapore using a closed-loop system that involves bulk transport in reusable glass containers.
The newly raised capital will be allocated towards further investments in ecoSPIRITS’ Intelligent Circular roadmap, which includes expanding their hardware, software, and Internet-of-Things (IoT) research and development efforts. The company plans to enhance its hardware portfolio with IoT capabilities, tracking, sensing, and smart features, while integrating them with a new software platform to optimize closed-loop performance.
Additionally, the funding will support ecoSPIRITS’ expansion into key markets, particularly the United States, and the growth of their customer and engineering teams in Miami, London, Singapore, and Shanghai.