Covalo raises 3.5 million euros

(CONNECT) The Zurich-based start-up Covalo has secured a sum of 3.5 million euros in a financing round. According to a statement , the company intends to use the fresh capital to scale its platform for beauty and personal care ingredients into a data backbone in the industry. The financing round was led by Hi inov, with existing investors HTGF and seed + speed Ventures also participating.

Currently, 1500 suppliers and 6000 brands from 145 countries use the Covalo platform. The data required by the industry is currently available in various forms and must be painstakingly collected and updated by hand by the research and development departments. The Zurich-based company wants to create a central data infrastructure for the entire industry. "On average, it takes three to five years to bring a product to market. At the end of this process, 50 percent of product launches fail, costing the industry hundreds of billions every year," co-founder and co-CEO Yann Chilvers is quoted as saying in the press release. "Many companies are trying to find internal solutions to these challenges, but what they really need is a common data backbone that drives the industry and enables seamless data flows across teams and partners. Covalo is that backbone."

The company intends to use the acquired capital to strengthen its offering for large customers, introduce technologies supported by artificial intelligence and expand the platform's overall technology. The platform is also to be supplemented with functions for the central management of product and master data. ce/ww