Eco-friendly home necessities startup EcoSoul Home Inc. has finished its Series A investment round after raising $10 million. Accel, a worldwide venture capital firm, led this round. Singh Capital Partners, a Washington, DC-based investment business, also joined the partnership.
The cash will be utilised to develop new items and grow into new areas such as the European Union, the United Kingdom, and Asia. The corporation will also invest in improving its data and technology skills.
Singh and Ganesan created EcoSoul in 2020. Apart from India, the D2C brand, which offers over 100 goods in categories such as cookware, tableware, and home needs, has a presence in the United States, China, and Vietnam.
According to Prashanth Prakash (who is Partner at Accel), there is a growing worldwide demand to shift away from plastic and towards more sustainable solutions.
He also stated that the EcoSoul team, which possesses global supply chain knowledge as well as a powerful commercial value proposal for retailers, is well positioned to be one of the industry’s early disruptors.
Accel was an early investor in well-known Indian start-ups including Walmart-backed ecommerce behemoth Flipkart and SaaS unicorn Freshworks. Accel ranked sixth among the most fruitful unicorn investors in Hurun’s newly released Global Unicorn Index 2023. Accel has done an investment in around 86 unicorns throughout the world as of 2023.