Ecozen, an agri-focused cleantech company, has successfully closed a Series C funding round, raising $25 million in equity and debt capital. The round was led by Nuveen and Coromandel International's venture capital arm, Dare Ventures, with participation from the Export-Import Bank of India and other existing investors including Caspian and Hivos-Triodos Fonds.
Founded in 2009, Ecozen specializes in developing climate-smart deep-tech solutions for motor controls, IoT, and energy storage, with a focus on markets in Africa and Southeast Asia. The company's innovative cold chain solution, Eco-frost, and irrigation solution, Eco-tron, have reportedly improved the income of over 120,000 farmers. In addition, Ecozen claims to have generated over 1 billion units of clean energy (kWh), saved over 20,000 metric tonnes of food loss, and reduced over 1 million tonnes of GHG emissions.
With this latest funding, the clean-tech startup plans to expand internationally and leverage its climate-smart solutions in non-agricultural sectors. This marks a significant step forward for Ecozen as it looks to further its impact and growth in the cleantech industry.
This latest funding will allow Ecozen to expand its reach and leverage its climate-smart solutions in non-agricultural sectors. The company's goal is to continue to drive sustainable development and promote environmentally friendly practices in various industries around the world. The funding will be used to scale its solutions and support the growth of the company. The CEO of Ecozen stated, "We are thrilled to have the support of Nuveen and Coromandel International's venture capital arm, Dare Ventures, and other investors as we continue to scale our solutions and drive sustainable development in various industries worldwide".
Ecozen's innovative solutions are a great example of how technology can be used to drive sustainable development and promote environmentally friendly practices. The company's impact in the agriculture sector is a testament to the potential of its technology in other industries. With this latest funding, Ecozen is well-positioned to continue to drive sustainable development and promote environmentally friendly practices in various industries around the world.
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