Pernod Ricard invests in ecoSPIRITS
Pernod Ricard’s venture capital fund, Convivialité Ventures, has taken a minority share in ecoSPIRITS, the reusable distribution packaging company.
The closed-loop (reusable) packaging format allows on-trade venues to pour liqueur from a reusable glass alternative, reducing beverage waste in restaurants, bars and pubs.
The liqueur is transported to outlets in ecoTOTE format where it can be dispensed into bottles or served directly into glass or cocktail shaker via ecoSPIRITS’ SmartPour concept.
Pernod Ricard joined a $10 million Series A funding of ecoSPIRITS, along with New York-based circular economy investment fund, Closed Loop Partners and leading Asian and global investors.
In March 2022, Pernod Ricard was one of the first global drinks companies to partner with ecoSPIRITS for the distribution of some of its premium brands in Hong Kong and Singapore.
At present, Absolut vodka, Beefeater gin, and Havana Club rum are all transported in bulk and delivered to hospitality venues in a fully reusable 4.5-litre glass container, reducing waste and carbon emissions resulting from the production and transportation of bottles and other secondary packaging.
The investment, which will scale up the company’s research significantly, comes as Pernod Ricard expands its partnership with ecoSPIRITS to markets outside of Asia.
Stéphane Longuet, co-founder and MD of Convivialité Ventures, said: “We are very pleased to participate in this investment which will help develop a company offering such an innovative solution to our industry, by drastically reducing waste and carbon emissions. 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.”
Sui Ling Cheah, ecoSPIRITS executive board chairman, said: “We are thrilled with the successful close of our Series A round, which not only validates ecoSPIRITS’ impressive progress in building a comprehensive technology platform but also marks a significant milestone in our journey to global scale. 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.”
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