Wine and spirits group Pernod Ricard’s minority investment in ecoSPIRITS is part of a $10m Series A funding round. ecoSPIRITS, which has developed distribution technology for on-trade premium spirits, will use the funds to accelerate R&D, expand operations in key markets and grow its workforce.
Closed-loop premium spirits and wine distribution system ecoSPIRITS has closed a $10m Series A funding round. Pernod Ricard has invested in the company via its venture capital fund Convivialité Ventures, alongside Closed Loop Partners, Proterra Asia, Pavilion Capital, and existing investor, Wavemaker Partners.
Pernod Ricard partnered with ecoSPIRITS in March 2022 to distribute its Absolut vodka, Beefeater gin, and Havana Club rum in Hong Kong and Singapore in 4.5 liter glass EcoTOTES. Pernod Ricard is now expanding its partnership with the company beyond Asia.
ecoSPIRITS' closed loop distribution system is designed cut down on production and transportation of glass bottles and secondary packaging to reduce waste and carbon emissions. “The system allows spirits and wines to be transported in bulk to local markets, where they are processed at our ecoPLANTs into our reusable ecoTOTE format for delivery to bars, restaurants and hotels,” ecoSPIRITS CEO Paul Gabie explained in an interview with Formes de Luxe last month. The ecoTOTE, which Gabie describes as “essentially a modern, technically enabled version of the demijohn”, consists of an internal glass vessel (generally 4.5 liters, although a 1.75 liter format has been developed for the US to comply with federal regulations), protected by an aluminum chassis and a shock-resistant HDPE plastic enclosure.
ecoSPIRITS will use the funds to scale up its hardware, software and Internet-of-Things (IoT) R&D program and expand operations in key global markets, including the US. The company will also expand its regional customer and engineering teams in London, Miami, Shanghai and Singapore.
Read the our interview with ecoSPIRITS CEO Paul Gabie here.