EcoSoul Home Inc Raises $10 Million In Series A Funding The funds will be used for launching new products, international expansion in the UK, EU, and Asian markets and augmentation of tech and data capabilities
By Teena Jose •
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EcoSoul Home Inc, a category-leading startup in the eco-friendly home essentials products space, has raised $10 million to wrap up its Series A funding round led by Accel and saw the participation of Singh Capital Partners. The funds will be used for launching new products, international expansion in the UK, EU, and Asian markets and augmentation of tech and data capabilities.
"We are grateful to our customers, investors, partners, and associates for helping us in driving our mission of accelerating the world's transition to a sustainable lifestyle by creating plastic-free and tree-free products from earth's most renewable resources. Our differentiated products and supply chain innovation enables us to bring eco-friendly home essentials to price points comparable to traditional plastic and tree-based paper goods. In short, we are democratizing the eco-friendly home essentials market. We are excited to see the strong adoption of our products in the US market. We thrive on this momentum and plan to expand our product range in potential international markets," said Rahul Singh and Arvind Ganesan, the co-founders in a joint statement.
EcoSoul has fundamentally disrupted the home-essentials market by bringing eco-friendly alternatives within the 25% price range of traditional mainstream plastic or paper goods. In contrast, early eco-friendly home essentials competitor brands priced their products at 1.8 times to 2.5 times of mainstream plastic or paper-goods brands. Ecosoul has achieved this differentiation with product/material innovation and an optimum supply chain model, claimed by the company in a statement.
"There is a global macro-tailwind of shifting away from the use of single-use plastic with increasing regulatory pressure. This coupled with rising consumer sentiments towards sustainable everyday essentials, especially in western markets is driving growth. EcoSoul is taking advantage of this demand and leveraging the Asian supply chain to offer eco-friendly products at affordable price points. The EcoSoul team, with their global supply chain expertise and strong commercial value proposition for retailers, is uniquely positioned to be one of the early disruptors in this industry," said Prashanth Prakash, partner at Accel.
