This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.
News
Pernod Ricard invests in circular economy tech start-up ecoSPIRITS
Pernod Ricard is looking to scale up a more sustainable circular distribution system for premium wine and spirits by taking a minority share in ecoSPIRITS, through its venture capital fund, Convivialité Ventures.
The French spirits giant has invested in the $10 million Series A funding of ecoSPIRITS, a circular economy technology start-up that finds low carbon, low waste distribution systems for the premium wine and spirits industry.
It follows a partnership with ecoSPIRITS in March 2022 on the bulk distribution of some of Pernod Ricard’s premium brands to hospitality venues in Hong Kong and Singapore. This saw Absolut vodka, Beefeater gin, and Havana Club rum packaged in fully reusable 4.5L glass containers as part of a bid to cut down on waste and carbon emissions from the transport of glass bottles and other secondary packaging.
The investment comes as Pernod Ricard is poised to expand its partnership with ecoSPIRITS beyond Asia to other markets, it said.
Other investors in this round include New York-based circular economy investment fund, Closed Loop Partners and leading Asian and global investors including private equity investor, Proterra Asia, Singapore-based Pavilion Capital, and ecoSPIRITS’ existing investor, Wavemaker Partners.
The new round of funding will help accelerate ecoSPIRITS’ research and development program. It will help the company scale up its hardware, software and R&D on the Internet-of-Things (IoT) as well as expanding operations in key markets such as the US, as well as boosting its regional teams in Miami, London, Singapore and Shanghai.
Stéphane Longuet, co-founder and managing director of Convivialité Ventures said the investment would help develop a company offering an innovative solution to our industry.
“EcoSPIRITS’ approach is perfectly in line with our Group’s objectives to reduce its carbon emissions and we are looking forward to using it on a large scale around the world,” he said.
Sui Ling Cheah, ecoSPIRITS executive board chairman said the successful closure of the Series A round of funding “not only validates ecoSPIRITS’ impressive progress in building a comprehensive technology platform”, but was also “a significant milestone” in scaling up globally.
“We are equally honoured to welcome leading investors to our journey such as Closed Loop Partners, Proterra Asia, Pavilion Capital and Convivialité Ventures. The future gets brighter when more resources are invested in circular economy innovation,” she said.
Convivialité Ventures was set up in 2017 to invests in innovative and inspiring companies beyond the parent company’s traditional drinks remit and cultivate “radically different” products and services to “enhance and change the way people come
together, socialize and entertain in the future”.
Operating globally, Convivialité Ventures has a portfolio of more than 45 companies including like Fever, Fetch, Avantstay, Summer Farm, Dunzo, Liquid Death, and Outdoorsy.