Accel leads Series A funding round in eco-friendly home essentials start-up EcoSoul

Eco-friendly home essentials start-up EcoSoul Home Inc., has raised $10 million and has closed its Series A funding round. This round was led by global venture capital firm Accel. The firm also saw the participation of Washington DC-based investment office Singh Capital Partners. 

The funds will be used for launching new products, expand to geographies such as the European Union, the UK, and the Asian markets. The company will also deploy some funds to enhance its data and tech capabilities. 

Commenting on this development, Rahul Singh and Arvind Ganesan, co-founders of the company said, “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.”

EcoSoul was founded in 2020 by Singh and Ganesan. The D2C brand which sells over 100 products across categories such as kitchenware, dinnerware, and home essentials has presence in the USA, China, and Vietnam, apart from India. 

Prashanth Prakash, Partner at Accel said that there is globally an increasing pressure to move away from plastic and deploy sustainable options. “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.”

He also said that the EcoSoul team which is armed with global supply chain expertise and a strong commercial value proposition for retailers is uniquely positioned to be one of the early disruptors in this industry.

Accel is an early backer of iconic Indian start-ups such as Walmart-backed ecommerce giant Flipkart and SaaS unicorn Freshworks. In the recently released Global Unicorn Index 2023 by Hurun, Accel occupied the eighth spot in the most successful unicorn investors list. Till 2023, Accel has invested in about 86 unicorns across the world.
 
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