Convelio, a digital fine art shipper and logistics startup, has raised a €9 million in Series A round led by Acton Capital along with Global Founders Capital. The fund will primarily be utilized to develop new functionalities and tools for logistics.
Founded in 2017, Convelio ships artworks to 70 destinations in the world, mainly across Europe. Currently, it’s customer base has crossed over 500, including art galleries, auction houses, and interior designers.
Its unique algorithm considers various criteria such as fragility, dimensions, and value to assemble the most appropriate logistics chain for each artwork. Convelio ships different types of items such as paintings, sculptures, high-end furniture, and many more.
Dominik Alvermann, principal at Acton Capital, says by providing a transparent, state-of-the-art pre-pricing and booking software, Convelio considerably reduces complexity and time effort for some of the largest auction houses, art galleries, and art marketplaces globally.
This latest fund comes on the heels of marking a record growth of Convelio. In 2019, Convelio had secured 483 new collaborations and achieved a growth rate of 300% compared to 2018. It has also organized 3427 shipments with a large focus on Europe to North America. As part of the growth, it made 15 new logistic partnerships.
Convelio assisted dealers for exhibiting works in hundreds of international art fairs in 2019, and the team is wishing to continue that in 2020, as well.
According to the co-founders Edouard Gouin and Clément Ouizille, with this fresh capital, they are looking to double down on client acquisition, product development, and expansion at the global level. In 2020, they are opening a new office in New York City and roll out finding other market aspects where our excellence in shipping bulky, valuable, and fragile items can be strengthened.
The startup is also planning to collaborate with ecommerce players. It has already developed an API that lets any galleries display shipping costs directly on their web platform.
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