Pernod Ricard, a renowned global drinks giant, has invested in ecoSpirits, a circular economy technology company, through its venture capital fund Convivialité Ventures. The $10 million Series A funding round also included participation from Closed Loop Partners, Proterra Asia, Pavilion Capital, and existing investor, Wavemaker Partners. EcoSpirits is committed to developing low carbon, low-waste distribution systems for the alcohol industry.
By taking a minority share in ecoSpirits, Pernod Ricard aims to strengthen its partnership and expand its footprint in markets beyond Asia. The drinks giant partnered with ecoSpirits back in March 2022 to distribute some of its premium brands, including Absolut vodka, Beefeater gin, and Havana Club rum in Hong Kong and Singapore. The spirits are transported in bulk and delivered to hospitality venues in a reusable 4.5-litre glass container, reducing waste and emissions associated with the production and transportation of bottles.
EcoSpirits’ closed-loop distribution system provides a “powerful cost advantage” and reduces waste and carbon emissions by avoiding the production and transportation of glass bottles and other secondary packaging. The start-up plans to use the funds to strengthen its leadership position, scale its hardware, software, and IoT R&D program, expand its global operations, and grow its regional customer and engineering teams in Miami, London, Singapore, and Shanghai.
Stéphane Longuet, Co-founder, and Managing Director of Convivialité Ventures, expressed his pleasure to participate in the investment and looks forward to using the innovation on a large scale worldwide. “EcoSpirits’ approach is perfectly in line with our group’s objectives to reduce its carbon emissions,” he added.
Sui Ling Cheah, ecoSpirits Executive Board Chairman, welcomed leading investors to their journey, “The future gets brighter when more resources are invested in circular economy innovation.”
In light of the increasing environmental concerns, Pernod Ricard’s decision to invest in ecoSpirits is timely. The company’s commitment to developing low carbon, low waste distribution systems for the alcohol industry is an innovative solution that should be adopted by other players in the industry. By investing in circular economy innovation and reducing their carbon footprint, companies like Pernod Ricard are not only contributing to the global sustainability agenda but are also strengthening their competitive advantage in the marketplace.