Colvin, a Spanish online flower delivery business, has raised €14 million Series B round led by Milano Investment Partners, with participation from P101 and Samaipata, all of whom are previous investors. In a press release, the Barcelona-based startup claims the last few months have brought a fourfold revenue increase, reaching delivery volumes of €1 million in a single day. The online platform sells bouquets ‘without intermediaries’ with the goal of a more efficient supply chain between the people who grow the flowers and those who buy them, which results in better prices and better quality. The startup believes its streamlined delivery model is necessary to disrupt a €100 billion market.
“Currently, 65 percent of the global flower and plant trade goes through the Dutch auction, a highly fragmented traditional model, which eventually has an impact on the price and quality of the product,” explains Andrés Cester, co-founder and CEO. “At Colvin we seek to improve the sector starting from the ground up and this new financing round will allow us to consolidate the flower sale and purchase model without intermediaries.”
Founded in 2017, Colvin has raised €24 million to date. With the substantial new funding, the Bstartup will increase its current staff of 115 employees by 20 percent, most hires going to technology and business development. The company will also double down on existing markets, mainly Germany, and expand its plant offerings.
Photo: Co-founders Sergi Bastardas, Andrés Cester and Marc Olmedillo