ECOIL raises $2.5 million Series A to scale UCO collection network for SAF
In India, IST reported that sustainability-focused startup ECOIL has raised around $2.5 million in a Series A funding round led by Fundalogical Ventures.
The round also saw participation from Caspian Impact Investment, Momentum Capital, and existing backer The Chennai Angels. The company had earlier received seed funding support from Shell.
ECOIL plans to use the fresh capital to scale its operations, strengthen its technology platform, and expand into new markets across India, according to the report.
The company focuses on building an organized ecosystem for the collection and disposal of used cooking oil (UCO). The Indian startup works closely with restaurants, hotels, and food businesses, collecting used cooking oil and redirecting it towards the production of biofuel and sustainable aviation fuel, according to the report.
Category: SAF
