Key Takeaways
- • Chicago Atlantic served as sole arranger on a $17.5 million senior secured term loan to Azuna Inc., a Buffalo, New York-headquartered direct-to-consumer odor-elimination and air care company, according to a Business Wire announcement.
- • The financing is earmarked to support Azuna's continued growth and retail expansion beyond its direct-to-consumer channels.
- • Azuna controls approximately 53% of the world's high-quality Australian tea tree oil supply under a long-term agreement with its primary supplier, a key pillar of its competitive position.
- • Azuna sells primarily through its Shopify-based e-commerce platform and Amazon and reports more than 150,000 active subscribers, underpinning a recurring revenue base.
- • Chicago Atlantic, a private market lender with over $4.4 billion in credit facilities closed since inception, positioned the deal as a growth-capital solution tailored to Azuna's stage.
Summary
Chicago Atlantic announced that it served as sole arranger on a $17.5 million senior secured term loan to Azuna Inc. ("Azuna"), according to a Business Wire release dated October 22, 2026. Azuna is a Buffalo, New York-headquartered direct-to-consumer odor-elimination and air care company. The financing will support the company's continued growth and retail expansion.
Azuna was founded in 2019 by Scott Dancy, who sought to solve a persistent mildew odor that conventional products could not eliminate. Dancy turned to pure Australian tea tree oil, long recognized for its antimicrobial and odor-eliminating properties, and developed the company's long-lasting gels. The core product is a refillable, non-toxic, plant-based odor eliminator formulated with 100% natural Australian tea tree oil. The company positions its products as eliminating odors at the source rather than masking them, distinguishing it from candles, plug-ins, and sprays. Its product line includes sprays, wipes, and gels, along with refillable jars, pods, and spray bottles designed to reduce waste.
According to the release, Azuna's competitive advantages rest 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. Azuna sells primarily through its own Shopify-based e-commerce platform and Amazon and maintains more than 150,000 active subscribers. The company is also pursuing expansion into national retail.
David Enright, Partner and Head of Direct Lending at Chicago Atlantic, said the firm was excited to support Azuna's next phase of growth, citing the company's superior product, loyal subscriber base, and secure supply of premium tea tree oil. Scott Dancy, Founder and CEO of Azuna, said Chicago Atlantic took the time to understand the business model and growth capital needs and tailored a solution for the company's current and future stage.
Chicago Atlantic describes itself as a private market lender focused on industries where demand for capital exceeds traditional supply, including esoteric industries, specialty asset-based loans, liquidity solutions, and growth and technology finance. The firm has closed over $4.4 billion in credit facilities since inception and employs more than 110 professionals across offices in Chicago, Miami, New York, and London. The release did not disclose loan pricing or maturity terms.
Azuna was founded in 2019 by Scott Dancy, who sought to solve a persistent mildew odor that conventional products could not eliminate. Dancy turned to pure Australian tea tree oil, long recognized for its antimicrobial and odor-eliminating properties, and developed the company's long-lasting gels. The core product is a refillable, non-toxic, plant-based odor eliminator formulated with 100% natural Australian tea tree oil. The company positions its products as eliminating odors at the source rather than masking them, distinguishing it from candles, plug-ins, and sprays. Its product line includes sprays, wipes, and gels, along with refillable jars, pods, and spray bottles designed to reduce waste.
According to the release, Azuna's competitive advantages rest 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. Azuna sells primarily through its own Shopify-based e-commerce platform and Amazon and maintains more than 150,000 active subscribers. The company is also pursuing expansion into national retail.
David Enright, Partner and Head of Direct Lending at Chicago Atlantic, said the firm was excited to support Azuna's next phase of growth, citing the company's superior product, loyal subscriber base, and secure supply of premium tea tree oil. Scott Dancy, Founder and CEO of Azuna, said Chicago Atlantic took the time to understand the business model and growth capital needs and tailored a solution for the company's current and future stage.
Chicago Atlantic describes itself as a private market lender focused on industries where demand for capital exceeds traditional supply, including esoteric industries, specialty asset-based loans, liquidity solutions, and growth and technology finance. The firm has closed over $4.4 billion in credit facilities since inception and employs more than 110 professionals across offices in Chicago, Miami, New York, and London. The release did not disclose loan pricing or maturity terms.
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