Image credit: Convelio
Paris-based Convelio, a global logistics startup that specialises in shipping bulky, fragile and high-value items, announced on Sunday that it has raised €30M in its Series B round of funding. The company says the funds will support its development and recent growth.
Prior to this, the company had raised €9M in its Series A round two years ago. Including this round, Convelio has now raised a total investment of €41M in four years.
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Investors in this round
The round saw participation from the European Investment Fund and from two backers from the technology sector – Forestay, a UK and Switzerland-based VC fund, and Mundi Ventures, a Spain-based venture capital firm.
Edouard Gouin and Clément Ouizille, Convelio’s founders, says, “this fundraising from two leading technology investors is a reflection of the significant market opportunity as the global art market continues to flourish and its transition to online further accelerates.”
Capital utilisation
Convelio claims it will use the proceeds from the round to expand global coverage and explore new segments in the logistics market. The funds will be used to support the development of the company’s art, antiques and design logistics technology, service offering and sustainability strategy, along with the growth of its global operation, particularly in the US.
The company mentions in a press release that much of the funding will be invested in its ‘pioneering’ technology. This will build on the logistical solutions that the company has developed for the art market as it strives to enhance its core product to meet its clients’ needs and quality of service expectations.
In 2021, Convelio launched a Climate Care programme for internal and external projects that minimise the impact on the planet. This investment will drive awareness of the environmental footprint associated with transporting art, as well as support partnerships to transform the company’s service offering.
The Paris-based company will also scale its team in the US as 44 per cent of the fine art market is located there. The expansion to the operations and business development divisions will increase Convelio’s responsiveness to local business demand, says the company.
“Fine art logistics tailored to your needs”
Founded in 2017, Convelio is a fine art shipping company with a digital approach. The digital freight forwarder specialising in the international shipping of art has shaken up an antiquated market.
Its algorithm considers various parameters such as fragility, dimensions and price to assemble the appropriate value-chain for each artwork shipment. The company helps streamline the logistics of some of the key players in the art market, from global auction houses, such as Christie’s and Sotheby’s, to leading online art marketplaces like 1stdibs, all the way through major international art galleries.
With offices in Paris, London and New York, Convelio has doubled its team members in 2021 to more than 200 employees. The startup now counts over 2,700 clients across more than 80 countries, and multiplied its annual revenue by 2.5 per cent last year.
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