Convelio, a Paris-based logistics tech startup in the fine art industry, has raised a €9 million in Series A round led by Acton Capital, with support from an existing investor, Singapore-based Global Founders Capital.
Founded in 2017, Convelio is a digital tool and freight forwarder that delivers to over 70 destinations. Its dispatch algorithm considers various parameters such as fragility, dimensions and value to assemble the most appropriate logistics chain for each artwork. Pieces shipped by Convelio range from paintings and sculptures to high-end furniture, with values typically ranging from €5,000 to €1 million.
“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,” explained Dominik Alvermann, principal at Acton Capital.
The new investment follows a record year in which Convelio grew its global turnover by over 300 percent. By the end of 2020, the French company expects to triple its turnover again, thanks to the closing of large-scale partnerships.
Commenting on the round and how the business will move forward, co-founders Edouard Gouin and Clément Ouizille said: “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.”