Covalo announced a €3.5 million funding extension led by Hi inov, HTGF and sees+speed Ventures to fund the next evolution of its data and discovery platform for the personal care industry.
Covalo’s data infrastructure currently supports over 1,500 suppliers and over 6,000 brands, including Givaudan, Symrise, Puig and La Prairie. According to the company’s press release, the goal is to provide a secure, neutral platform that connects directly to suppliers’ product information management systems. Through the platform, supplier updates are seen by every brand using that ingredient immediately, reducing back-and-forth between companies. Platform engagement grew 84% in 2025, with 1.3 million monthly interactions and net revenue retention exceeding 145%.
“On average, it takes three to five years to bring a product to market,” explained co-founder and co-CEO Yann Chilvers. “At the end of this process, 50% of product launches fail, costing the industry hundreds of billions every year. Much of this inefficiency stems from how information is managed and shared throughout the product lifecycle. The problem is that this process is highly fragmented and inefficient on an industry level. With new regulation, constant supply chain disruption, sustainability pressure and fast changes in consumer demand, the pace of change has bever been so high and companies struggle to keep up.
“Many companies are trying to find internal solutions to address these challenges, but what they truly need is one common data backbone that powers the industry and allows for seamless data flows across teams and partners. Covalo is that backbone.”
According to the company’s press release, the new funding will enable Covalo to scale its enterprise in key markets, laugh new industry-specific AI agents and deepen its data platform.
Timo von Bargen, co-founder and co-CEO, added, “Five years ago, we built the world’s largest ingredient discovery platform. What we’ve learned is that discovery is just the beginning — what the industry needs is a shared system of record where ingredient data is structured once, governed once and reused everywhere. Our largest customers are expanding their use of the platform two- to three-fold year over year, not because we’re selling harder, but because once data is structured on Covalo, teams across R&D, regulatory and procurement all want access. That compounding effect is something no standalone tool can replicate.”
