Chicago Atlantic announced today that it served as sole arranger on a $17.5 million senior secured term loan to Azuna Inc. (“Azuna” or the “Company”), a Buffalo, New York-headquartered direct-to-consumer (“DTC”) odor-elimination and air care company. The financing will support Azuna’s continued growth and retail expansion.
Founded by Scott Dancy in 2019, Azuna began when Mr. Dancy set out to solve a stubborn mildew smell that conventional products could not eliminate. Introduced to pure Australian tea tree oil, long known for its natural antimicrobial and odor-eliminating properties, he used it to create Azuna’s signature long-lasting gels, turning a simple fix into a national brand. Azuna’s core product is a refillable, non-toxic, plant-based odor eliminator formulated with 100% natural Australian tea tree oil that eliminates odors at the source rather than masking them, differentiating it from traditional candles, plug-ins, and sprays.
“Azuna has built a differentiated, fast-growing brand in a category where consumers have long been underserved by products that simply mask odors,” said David Enright, Partner & Head of Direct Lending at Chicago Atlantic. “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.”
Azuna’s competitive edge rests on product efficacy, supply chain control, and a recurring customer base. The Company controls approximately 53% of the world’s high-quality Australian tea tree oil supply under a long-term agreement with its primary supplier. Its sprays, wipes, and gels target odors at the source, and its refillable jars, pods, and spray bottles are designed to reduce waste.
Today, Azuna sells primarily through its own Shopify-based e-commerce platform and Amazon, and maintains a base of more than 150,000 active subscribers. The Company is also pursuing expansion into national retail, broadening its reach beyond DTC channels.
“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,” said Scott Dancy, Founder and CEO of Azuna. “Azuna is now positioned to go further and faster. I can’t express how excited we are to have Chicago Atlantic as a partner.”
About Chicago Atlantic
Chicago Atlantic is a private market lender focused on industries and companies where demand for capital exceeds traditional supply. The firm focuses on loans to esoteric industries, specialty asset-based loans, liquidity solutions and growth & technology finance. Chicago Atlantic has closed over $4.4 billion in credit facilities since inception. Chicago Atlantic’s team of over 110 professionals has offices in Chicago, Miami, New York and London. For more information visit chicagoatlantic.com.
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