EcoSpirits toasts to $10m fundraise for carbon-friendly liquor distribution

Photo credit: EcoSpirits

Singapore-based EcoSpirits, a startup that develops a low-carbon way to move alcoholic drinks from manufacturers to bars, has secured US$10 million in its series A funding round led by New York-based Closed Loop Partners.

Convivialite Ventures, the venture arm of French liqueur company Pernod Ricard, also participated in the round along with other investors.

Funding details

• Funding amount: US$10,000,000
• Lead investors: Closed Loop Partners
• Other investors: Proterra Investment Partners (璞瑞资本), Pavilion Capital, Convivialite Ventures, Wavemaker Partners
• Stage: Series A
• Source

EcoSpirits’ closed-loop distribution system is designed to reduce packaging waste in the premium spirits supply chain. The firm’s processing facility transfers products into 4.5-liter refillable EcoTote containers, which are then sent to bars for use with EcoSpirits’ Smartpour alcohol taps.

The firm will use the fresh funding to scale its research and development program for its hardware, software, and IoT tech.

The company said it saves partners, such as Four Seasons Hotels and Resorts, 550 grams of emissions per bottle. This amount represents about 80% of the carbon footprint of spirits distribution and consumption.

Additionally, the startup plans to expand its operations globally, including the US, and fill out its customer and engineering teams in Singapore, Shanghai, Miami, and London.

EcoSprits is looking to bring its operations to 25 countries.

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