– SPAIN, Barcelona – Colvin, the company that in the flower and plant sector that has created the first network without intermediaries, has closed a € 14M Series B financing round led by the Italian investment fund MIP, alongside existing investors P101 sgr and Samaipata.
Colvin targets the growth and consolidation potential of the European market, helped by its strength to change a traditional – but ready to innovate – sector.
“Currently 65% of global flower and plant trade goes through the Dutch auction, a highly fragmented traditional model that ends up impacting the price and quality of the product. At Colvin we want to improve the sector from the ground up and this new round Funding will allow us to consolidate the disintermediation of the sale and purchase of flower by investing in technology that allows digitizing processes and optimizing operations, from the producer to any buyer” said CEO and co-founder, Andrés Cester.
With this new investment, Colvin will expand the team in the technology and business areas with the aim of strengthening the change in a sector that moves more than 100,000 million euros a year. In addition, it will strengthen brand penetration in existing markets, mainly in Germany, and will expand in the plant category.
The growth of the company in recent months has highlighted the solidity of Colvin’s business model, a disruptive project in which the company has been working since its inception in 2017, which is committed to disintermediation of the sector from start to finish, from farmers to online sales, to achieve greater supply efficiency, more competitive prices and, above all, better product quality. So far this year, Colvin’s global sales have multiplied by four compared to the same period of the previous year, even reaching delivery volumes of € 1M in the same day.
“Colvin is born of change. We chose the name for Claudette Colvin, the first African American woman to rise up to defend the human rights of African Americans in the US This representation of Claudette, of change in society, gives us strength and meaning to continue working to improve the life of our community, uniting and improving the lives of producers and creating happy moments with our products at our users’ homes, connecting with their loved ones in a special way, ”said Sergi Bastardas, COO and co-founder of Colvin.
For more information: https://www.thecolvinco.com
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