Barcelona-based online flower and plant delivery service Colvin has raised €45 million in a Series C round. With the fresh bouquet of funding, the company plans to enter new European markets within the coming months as well as continue investment in its B2B marketplace. To date, Colvin has raised a total of €70 million.
In the past year, the startup saw demand for flowers and plants more than double, namely due to consumer desire to maintain connections. The company also points to the rapid advancements in the e-commerce sector as a source of growth. 10 million flowers were shipped during this time period, and the company doubled its team size to 200. At the end of 2020, Colvin reported a 200% growth rate year over year and is expecting to double its turnover by the end of this year.
Initially created as a B2C brand, Colvin has been keeping pace with the changes in the B2B marketplace sector and quietly building its own solution.
“In the past 4 years, we have learned a lot and we have discovered that there is a great opportunity to completely change the market thanks to technology that can make the supply chain more efficient,” explains co-founder Andrés Cester. “We would like our platform model at Colvin to become a marketplace for other professionals with the aim of benefiting and revitalizing the entire industry, starting with flowers and plants, but also in the future with other perishable products.”
“Colvin’s trajectory in the flower delivery market has been outstanding. They have proved they could grow both fast and profitably while expanding into new geographies,” commented Eurazeo’s Chloé Giard. “Colvin is leveraging years of industry expertise, a scalable supply chain, and a global network of trusted growers to seize this $ billion market opportunity.”