Barcelona-based startup Colvin, who is leading the revolution in the flower and plant sector by creating one of the first networks without intermediaries, has closed a Series B financing round worth €14 million. The operation was led by the Italian investment fund Milano Investment Partners (MIP), and is also participated in by P101 sgr and Samaipata.
This new investment will enable Colvin to expand its teams dedicated to technology and business with the purpose of consolidating the change of a sector worth €100 billion a year. Furthermore, Colvin will reinforce brand penetration in existing markets, mainly in Germany, and expand in the plant category.
“Currently, 65% of the global flower and plant trade goes through the Dutch auction, a highly fragmented traditional model, which eventually has an impact on the price and quality of the product. At Colvin we seek to improve the sector starting from the ground up and this new financing round will allow us to consolidate the flower sale and purchase model without intermediaries. We will do so by investing in technology that enables to digitalise processes and optimise operations from the producer to any purchaser”, states Andrés Cester, CEO and Co-founder of Colvin.
The company’s growth in recent months has highlighted that the business model presented by Colvin is solid. Since its founding in 2017, the company has been working on a disruptive project that aims to achieve the disintermediation of the sector from beginning to end – from farmers to online sales. The main goal is to achieve greater supply efficiency, more competitive prices and, especially, better product quality. So far this year, Colvin’s global sales have increased fourfold compared to the same period last year, even reaching delivery volumes worth €1 million in a single day.
This positive trend is still sustained and is predicted to be a year of growth. This shows a solid change in the consumption trend of users looking for digital solutions to buy and send flowers to keep in touch with their loved ones. The global sector is expected to reach a value of €120 billion by 2027.
“Colvin arises from the change. We chose the name Claudette Colvin, the first African American woman who stood up to defend the human rights of African Americans in the USA. This representation of Claudette, a change in society, gives us the strength and meaning to keep working to improve people’s lives in our community, upgrading producers’ lives and creating happy moments in our users’ homes thanks to our products while staying in touch with their loved ones in a special way”, said Sergi Bastardas, COO and Co-founder of Colvin.