Chicago Atlantic has provided a $17.5 million senior secured term loan to Azuna Inc., a Buffalo, New York-based direct-to-consumer odor-elimination and air care company.
Chicago Atlantic served as sole arranger on the financing, which will support Azuna’s continued growth and expansion into additional retail channels.
Founded in 2019 by Scott Dancy, Azuna developed its business around plant-based odor-elimination products formulated with Australian tea tree oil. The company’s core offering is a refillable gel designed to eliminate odors at the source rather than mask them with fragrance.
Azuna also sells sprays, wipes, refill pods, and other air care products through its Shopify-based e-commerce platform and Amazon.
The company has built a recurring customer base of more than 150,000 active subscribers and is now pursuing broader distribution through national retail channels.
Azuna said one of its competitive advantages is control over approximately 53% of the world’s high-quality Australian tea tree oil supply through a long-term agreement with its primary supplier. The company uses that supply across its gels, sprays, and wipes.
Its refillable packaging is also designed to reduce waste compared with certain traditional odor-control products, including disposable sprays, plug-ins, and candles.
Chicago Atlantic said the financing reflects its strategy of lending to businesses operating in markets where traditional capital may be less readily available. The firm focuses on specialty asset-based lending, growth and technology finance, liquidity solutions, and other nontraditional credit opportunities.
Chicago Atlantic has closed more than $4.4 billion in credit facilities since inception and has more than 110 professionals across offices in Chicago, Miami, New York, and London.
For Azuna, the new financing provides additional capital to support retail expansion while preserving the company’s existing direct-to-consumer growth engine and subscriber base.
KEY QUOTES:
“Azuna has built a differentiated, fast-growing brand in a category where consumers have long been underserved by products that simply mask odors. Scott and his team have combined a superior product, a loyal subscriber base, and a secure supply of premium tea tree oil. We are excited to support Azuna’s next phase of growth.”
David Enright, Partner And Head Of Direct Lending At Chicago Atlantic
“Chicago Atlantic took the time to understand our business model and the growth capital needed and tailored a solution that fits where we are now and will be in the future. Azuna is now positioned to go further and faster. I can’t express how excited we are to have Chicago Atlantic as a partner.”
Scott Dancy, Founder And CEO Of Azuna
