Logistics tech startup Convelio closes €9M ($10M) Series A funding round
Paris, 04. February 2020 – Fresh capital to open new office in NYC and expanding to other segments in the logistics market – Convelio, leading digital freight forwarder specialized in fine-art shipping, has raised a €9 million Series A financing round led by European growth VC investor Acton Capital – bringing the total amount raised since inception to €11 million. Convelio’s existing investor Global Founders Capital participated in this equity financing. The new investment follows a record year in which Convelio grew its global turnover by over 300%.
« For too long, fine-art shipping has been a frustrating experience, yet it represents the third largest spending category of buyers and sellers on the art market,» says Convelio’s co-founder Edouard Gouin. « With this additional funding, we will double down on client acquisition, product development and our global expansion. »
« In 2020, Convelio will open a new office in NYC and start exploring other market segments where our expertise in shipping bulky, valuable and fragile items can be leveraged. Our vision is to become the leading tech-enabled freight-forwarder for specialty goods. »
Clément Ouizille, Convelio
Founded in September 2017 in Paris, the company specializes in the international shipping of high-value and non-palletized goods requiring a complex logistics chain. Pieces shipped by Convelio range from paintings and sculptures to high-end furniture with values typically ranging from € 2,000 to € 1’000,000. Its dispatch algorithm considers various parameters such as fragility, dimensions and value to assemble the most appropriate value-chain for each artwork. By the end of 2020, Convelio is projecting to again triple turnover, notably thanks to the closing of large-scale partnerships.
Defining the new standards for fine art logistics, the company acts as a business enabler for its customers by providing responsive, competitive and various shipping services. With offices in Paris and London, the company aims to become the market leader in a segment that yet has to achieve its digital transformation by bringing simplicity, transparency, and efficiency to the customer through technology.
« By offering a transparent, state-of-the-art pre-pricing and booking tool Convelio substantially reduces complexity and time effort for some of the largest auction houses, art galleries and art marketplaces across the globe. »
« Together with its operational excellence and top-quality service, the company created a disruptive solution at better rates for complex, high value goods within the global logistics industry, » says Dominik Alvermann, principal at Acton Capital. « During the last two years, the business has already achieved a high-growth momentum. We are happy to support an excellent team on their way to market leadership. »
« Since their launch in 2017, the team of Convelio has proven that technology and operational excellence can transform the fine-art shipping industry. We are thrilled at GFC to keep working with the team and build the best experience for professionals working in the sector, » says David Sainteff, partner at Global Founders Capital.
As a digital freight forwarder, Convelio specializes in the international transportation of high-value and non-palletized goods requiring a complex supply chain, operating in the art market as its first market segment. With 70+ destinations served through a variety of services from its website, Convelio has become the leading digital fine-art shipper. Thanks to a unique business model and innovative technology, the startup has quickly established Europe’s largest fine art shipping network and launched the world’s first instant quoting platform for fine art shipments. Founded in September 2017 in Paris, France by Edouard Gouin and Clément Ouizille, Convelio has empowered over 760 art market businesses.