EcoSoul Home Inc., an eco-friendly home essentials retailer, has raised $10 million Series A round led by Accel along with the participation of Singh Capital Partners.
EcoSoul offers eco-friendly alternatives within the 25 per cent price range of traditional mainstream plastic or paper goods. In contrast, early eco-friendly home essentials competitor brands priced their products at 1.8x to 2.5x of mainstream plastic or paper-goods brands. Ecosoul said it has achieved this differentiation with product/material innovation and an optimum supply chain model.
Expand product range
Commenting on the fundraise, co-founders Rahul Singh and Arvind Ganesan said, “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 democratising 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.”
Adding to this, Prashanth Prakash, partner at Accel said, “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.”
EcoSoul has also launched new products in India and has expansion plans for Canada, UK, Germany and UAE markets in the categories of kitchen and dining, bath, home care, and baby and feminine care.