Forestay leads Convelio’s Series B
07 / 03 / 2022
3 mins read
The French digital freight forwarding scale-up for the global arts and luxury goods market raises $35m.
Convelio is the world’s leading tech-led fine art digital freight forwarder, deploying its proprietary technology to dramatically speed-up the process of transporting high-value items internationally. Whereas traditional providers can take anything from one to and five days to even issue quotes for shipping, Convelio’s algorithmic technology does so within seconds, assessing multiple data points instantaneously across the entire logistics chain.
Moreover, Convelio’s tech-first approach in a marketplace that has far from embraced automation means that it can provide its services at a fraction of the cost – up to 46% cheaper – of those of traditional shipping companies.
This level of cost-saving, together with a far superior customer experience, has seen the company achieve quick and significant growth. 2021 was an exceptional year for the company, with Convelio executing 14,000 shipments worth $265 million between 80 countries, increasing revenue 2.5 fold and attracting some of the biggest names in the art world as customers.
And today, it has raised $35 million in a Series B funding round, which was led by Forestay. Investing alongside us are Mundi Ventures, as well as existing investors Acton Capital and Global Founders Capital.
The Series B represents the largest investment ever made into an arts logistics business globally and will help double Convelio’s footprint in the US (its largest market) during 2022, increase the development of its tech, and fuel its mission to make the global art market more environmentally sustainable.
Marieke Christmann, Senior Principal at Forestay commented: “Convelio is disrupting a huge industry that’s competitive, demanding but inherently slow to change. The speed at which this team is winning business away from competitors in what’s traditionally been a close-knit community of auction houses, galleries and shippers is hugely impressive. Convelio is on an aggressive global journey to transform an outmoded way of shipping that we are excited to support”.
“We are very pleased to welcome Forestay and Mundi Ventures as financial investors”, said Convelio Managing Director and Co-Founder, Edouard Gouin. “Both investors align closely with our values on innovation and supportive, sustainable relationships. They believe in our vision to be leaders in the industry. This funding will fuel our efforts in technology, contribute to expanding our offering and help us expand our global footprint, particularly in the US, our fastest growing market”.
Managing Director and Co-Founder Clément Ouizille, added: “Backing from two more leading technology investors reflects the size of the opportunity in our reach, as the world art market continues to grow and adapts to the new digital norms”.
The future opportunity for Convelio to take its disruptive logistics technology to more markets is vast. Convelio’s current focus is on specialised logistics in the art, antiques and luxury furniture markets that are cumulatively valued at more than $5 billion in the US, UK and Europe alone. This segment forms part of the world’s $1.6 trillion ‘high-value, time-critical and non-palletised’ goods market, which itself forms almost 20% of the global logistics market worth $7.4 trillion annually.