"Covalo is evolving from a marketplace for ingredient discovery into a shared data infrastructure for the personal care industry, connecting directly into suppliers' PIM systems and brands' R&D workflows. This transformation aims to replace the traditional methods of data transfer, such as emails and spreadsheets, with a structured layer that can be universally accessed and utilized."
"The urgency for this pivot is underscored by regulatory and market pressures, including the EU Green Deal and sustainability requirements, which are compressing reformulation timelines and necessitating a more efficient way to manage ingredient data across the industry."
Covalo, founded in 2021, connects over 1,500 ingredient suppliers with 6,000 brands globally. Recently, it secured €3.5 million in funding to evolve from a discovery marketplace into a data infrastructure. This shift aims to integrate directly with suppliers' PIM systems and brands' R&D workflows, replacing traditional data transfer methods. The urgency for this transformation is driven by regulatory pressures and changing consumer expectations, particularly in sustainability and reformulation timelines, with a goal to streamline ingredient data management by 2030.
Read at TNW | Investors-Funding
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