EcoSoul Home Raises $10 Million in Series A Funding Round Led by Accel to Expand Eco-Friendly Home Essentials in Global Markets
- ByStartupStory | April 20, 2023
EcoSoul Home Inc., a start-up that sells eco-friendly home essentials, has successfully closed its Series A funding round after raising $10 million. The round was led by Accel, a global venture capital firm, and included participation from Singh Capital Partners, an investment office based in Washington DC.
With this new funding, EcoSoul Home plans to launch new products and expand its market presence in regions such as the European Union, the UK, and Asian markets. The company also intends to use some of the funds to improve its data and technology capabilities.
Co-founders of EcoSoul Home, Rahul Singh and Arvind Ganesan, expressed their enthusiasm for the successful funding round and the company’s mission to make eco-friendly home essentials accessible and affordable. They also mentioned their plans to expand their product range in potential international markets as they have already seen strong adoption of their products in the USA.
EcoSoul Home, which was established by Singh and Ganesan in 2020, is a direct-to-consumer (D2C) brand that offers a range of over 100 eco-friendly products in categories such as kitchenware, dinnerware, and home essentials. The company has a presence in the USA, China, and Vietnam, in addition to India.
According to Prashanth Prakash, a partner at Accel, there is a growing global pressure to reduce plastic usage and adopt sustainable options, which is driving the demand for eco-friendly everyday essentials, particularly in western markets. EcoSoul Home is well-positioned to meet this demand by leveraging its expertise in the Asian supply chain to offer affordable eco-friendly products.
Prakash also mentioned that the EcoSoul Home team has a strong commercial value proposition for retailers and possesses global supply chain expertise, which gives the company a unique advantage as an early disruptor in this industry.
Accel, which has previously backed successful Indian start-ups such as Flipkart and Freshworks, is ranked eighth on the most successful unicorn investors list in the recently released Global Unicorn Index 2023 by Hurun. As of 2023, Accel has invested in around 86 unicorns worldwide.
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