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As a reminder, EcoSoul is a leading omnichannel brand of sustainable dinnerware and home essentials co-founded by former Wayfair executives. The company has agreed to allow SCP LPs the opportunity to invest additional capital at the previous rounds' terms ($90M pre-money valuation with 25% discount). This follows SCP's prior investments in EcoSoul's $9M Series A round in September 2022 at a $54M pre-money valuation.
Key Highlights:
- Company: EcoSoul Home Inc.
- Industry: Consumer
- Stage: Series A+
- Total Round Size: $6M
- Investors: Accel and Singh Capital Partners
- Deal Terms: SAFE Note - $90M pre-money valuation cap + 25% discount
Investment Summary:
- EcoSoul is targeting the $300B+ market by providing affordable eco-friendly product alternatives that are fully certified with best-in-class cost structure that are available both online and in stores. Eighty percent of consumers prefer home goods with eco-friendly, natural organic, or sustainable attributes and are willing to pay a premium of 25-30% for sustainable alternatives. This demand is not being served by existing market solutions, as more than 80% of eco-brands lack scalability.
- Since closing their Series A in September 2022, EcoSoul has grown revenue significantly to reach $24M as of July 2024 while increasing contribution margin from -16% to ~5% from January to July.
- To date, EcoSoul has distributed to 6,000+ U.S. stores, 700+ UK/EU stores, 200+ stores within Canada and 5,000+ stores between India and the GCC.
- EcoSoul has an additional 25,000 stores in their pipeline across the US, UK, Canada, India, and the UAE including Walmart, Costco, Whole Foods, Trader Joe’s, Sam’s Club, and more.
- Most recently, EcoSoul received a commitment from Walmart to launch ~250 stores in Jan 25', with a potential of 800 additional stores by May 25'. Target is in late-stages of onboarding two EcoSoul SKUs in ~1,000 stores.