PE Fund Investments
Climate tech startup Ecozen raises $30-M via debt and equity
Pune-based Ecozen , which develops climate technology products, has raised USD 30 million from existing equity investors including Nuveen and new debt support from InCred Credit Fund and the US International Development Finance Corporation (DFC). Setuka Partners was Ecozen’s advisor on the deal.Ecozen develops “climate-smart” deeptech solutions including motor controls, IoT, and energy storage. Applying these technology stacks to the agricultural sector, Ecozen aims to revolutionise cold chains (via its Ecofrost solution) and the irrigation industry (via Ecotron), substantially improving the income of 100,000+ farmers and enabling the generation of over 1Bn units of clean energy (kWh).Ecozen anticipates doubling its revenue in the current fiscal year. The company is also set to expand its offerings and market presence into Africa and South-East Asia.
Between Dec-13 and Jan-23, Ecozen had raised over USD 43 M from Triodos, Caspian Advisors, Nuveen/TIAA, Dare Ventures, UC Inclusive Credit, Omnivore Partners, Sathguru Catalyser IFA Fund and others. In Jan-23, it had raised USD 25 million in equity and debt capital in its Series C round. The equity portion was led by Nuveen and Dare Ventures .
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