A Series A funding round that was oversubscribed and led by the circular economy investment firm Closed Loop Partners in New York raised $10 million for the Singapore-based technology company ecoSPIRITS.
The leading private equity investor in the food sector, Proterra Asia, Pavilion Capital, Convivialité Ventures, the venture arm of the world’s largest wine and spirits company, Pernod Ricard, and ecoSPIRITS’ current venture capital investor, Wavemaker Partners, have all also invested in the funding round, according to a statement released by ecoSPIRITS on Wednesday.
A seed investment in the company, made in late 2020, will be built upon by current ecoSPIRITS investor Wavemaker Partners, who will also take part in the Series A fundraising.
The Series A proceeds, according to the statement, will be used to strengthen ecoSPIRITS’ position as a leader in closed loop packaging technologies for wine and spirits and speed up its research and development program.
Additionally, the additional funding will enable ecoSPIRITS to increase the scope of its Internet-of-Things (IoT) research and development program and increase its investment in its Intelligent CircularTM roadmap.
The funding will also be used to grow the engineering and regional customer teams in Miami, London, Singapore, and Shanghai, as well as to expand operations in important markets around the world, including the United States.
The closed loop technology platform of ecoSPIRITS is operational or launching in 25 nations worldwide, including the majority of the largest economies.
The successful closing of the company’s Series A round, according to Sui Ling Cheah, chair of the ecoSPIRITS Executive Board, validates the company’s impressive progress in developing a comprehensive technology platform and represents a key turning point on the road to global scale.
“The future gets brighter when more resources are invested in circular economy innovation,” she added.
The new investors, according to the statement, bring extensive knowledge of the circular economy, sustainability, the food industry, and wine and spirits to the ecoSPIRITS venture.
“There is immense opportunity to scale circular solutions across the supply chain for premium spirits and wine,” said Bennett Cohen, Managing Director, and Co-Head of the Closed Loop Growth Opportunities Fund at Closed Loop Partners.
He asserted that ecoSPIRITS is paving the way for the industry’s transition to a less wasteful future through its cutting-edge reusable packaging technology.
By adding Cohen from Closed Loop Partners to its board of directors, ecoSPIRITS will improve its governance.
Cohen co-leads the growth equity investment practice at Closed Loop Partners, which is tasked with advancing circular solutions across various industries.
Cohen was added to the ecoSPIRITS board in November 2022, following Eric Tan’s appointment as an independent director.
“At Proterra we believe firmly in the business case for more sustainable food and beverage packaging,” said Tai Lin, Managing Partner, Proterra Asia.
