Singapore-based startup ecoSPIRITS, the developer of a low-carbon, low-waste distribution technology for premium spirits and wine, has raised about $8 million in fresh funding, according to regulatory filings.
The financing, which marks the startup’s Series A round, was led by New York-based investment firm Closed Loop Partners, according to filings with Singapore’s Accounting and Corporate Regulatory Authority (ACRA). Other investors in the round include Pavilion Capital, food sector-focused private equity firm Proterra Asia and French liquor giant Pernod Ricard.
Along with the fresh funding, ecoSPIRITS is issuing Series A shares worth $2.6 million to convertible noteholders, including Wavemaker Partners, the family office of Germany’s Lapp Group, Sui Ling Cheah, and Innox Investments Ltd, show the ACRA filings.
The startup had previously raised an undisclosed amount in a seed funding round led by Wavemaker Partners in 2020.
DealStreetAsia has reached out to ecoSPIRITS, Closed Loop Partners, and Wavemaker Partners for comment.
Founded in 2018, ecoSPIRITS has developed a patent-pending closed-loop system that it claims can nearly eliminate all packaging waste in the supply chain.
Its offerings include the ecoTOTE, a fully-reusable, refillable, tamper-proof and shock-proof 4.5-litre glass vessel to replace the standard six-bottle case of spirits. It has also launched SmartPour, a proprietary electronic dispense unit designed for the safe and hygienic transfer of spirits or wine from ecoTOTE to reusable glass bottles or directly to serving glassware.
According to the ecoSPIRITS website, its technology is now available in more than 15 countries across the Asia Pacific, Europe, and the Americas. It is used by over 1,500 bars, restaurants and hotels, including Four Seasons and The Loco Group.
The world produces around 40 billion glass spirit bottles annually, generating 22 million tonnes of carbon emissions, the company notes on its website. With each bottle eliminated, ecoSPIRITS saves at least 550 grams of carbon emissions.
Lead investor Closed Loop Partners offers venture capital, growth equity, private equity and project finance investments. It also operates an innovation centre focused on building the circular economy. The firm now manages over $500 million in assets and has made over 65 investments since its inception. Its funds have been backed by the likes of BlackRock, Nuveen, Nestle, PepsiCo, Unilever and Microsoft.