Digital fine-art forwarding specialist Convelio, has raised €9 million in Series ‘A’ funding led by European venture capital investor Acton Capital.
The move brings the total amount raised since inception to €11 million. Convelio’s existing investor Global Founders Capital also participated in this equity financing. The new investment follows a record year in which Convelio grew its global turnover by over 300%.
Convelio was founded by Edouard Gouin and Clément Ouizille in Paris, France, in September 2017 and specialises in the international shipping of high-value and non-palletized goods requiring a complex logistics chain. Pieces shipped by Convelio range from paintings and sculptures to high-end furniture with values typically ranging from €5,000 to €1,000,000. Its dispatch algorithm considers various parameters such as fragility, dimensions and value to assemble the most appropriate value-chain for each artwork. By the end of 2020, the company is expecting to triple its turnover, thanks to the closing of large-scale partnerships.
Co-founder Edouard Gouin said, “For too long, fine-art shipping has been a frustrating experience, yet it represents the third largest spending category of sellers in the art market. 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.”
Convelio acts as a business enabler for its customers by providing responsive and competitive shipping, with a broad range of services. The company currently has offices in Paris and London and is aiming to become the market leader in a segment that yet has to achieve its digital transformation by bringing simplicity, transparency, and efficiency to the customer through technology.
Dominik Alvermann, principal at investor Acton Capital said, “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. During the last two years, the business has already achieved a high-growth momentum. We are happy to support an excellent team on their way to market leadership.”
David Sainteff, partner at Global Founders Capital added, “Since their launch in 2017, the team at Convelio has proven that technology and operational excellence can transform the fine-art shipping industry. We are thrilled at GFC to keep working with the team to build the best experience for professionals working in the sector.”
Photos: Edouard Gouin & Clément Ouizille, The team at Convelio