Two years after closing a €9 million Series A funding round, Convelio is proud to announce a fundraising of €30 million ($35 million / £26 million) in Series B to support its development and incremental growth. Co-founded in 2017 by Edouard Gouin and Clément Ouizille, Convelio is a fine art shipping company with a digital approach. This fundraising - three times the total amount of all previous funding rounds - brings the total investment to €41 million in four years.
The digital freight forwarder specializing in the international shipping of art has shaken up an antiquated market. Its innovative algorithm considers various parameters such as fragility, dimensions and price to assemble the most appropriate value-chain for each artwork shipment. Convelio helps streamline the logistics of some of the key players in the art market, from global auction houses, such as Christie’s and Sotheby’s, to leading online art marketplaces like 1stdibs, all the way through major international art galleries.
With offices in Paris, London and New York, Convelio is becoming increasingly international and doubled its team members in 2021 to reach more than 200 employees. The startup now counts over 2,700 clients across more than 80 countries, and multiplied its annual revenue by 2,5 last year.
Convelio intends to use the capital to expand global coverage and explore new segments in the logistics market. The funding will be used to support the development of the company’s art, antiques and design logistics technology, service offering and sustainability strategy, along with the growth of its global operation, particularly in the US.
Much of the financial backing will be invested in Convelio’s pioneering technology. This will build on the logistical solutions that the company has developed for the art market as it strives to enhance its core product to meet its clients’ needs and quality of service expectations.
In 2021 Convelio launched its Climate Care program, to drive internal and external projects that minimize the impact on the planet. Environmental sustainability will become increasingly more important at Convelio. The investment will drive awareness of the environmental footprint associated with transporting art, as well as supporting innovative partnerships that will transform the company’s service offering.
Convelio will scale its team in the US. Indeed, 44% of the fine art market is located there, so the expansion to the Operations and Business Development divisions will augment Convelio’s responsiveness to local business demand.
The funding has been raised with the participation of the European Investment Fund and from two backers, both of which are from the technology sector: Forestay, a UK and Switzerland-based VC fund and venture capital fund, and Mundi Ventures, a Spain-based venture capital firm.
Clément and Edouard, Convelio’s founders, all agreed that “this fundraising from two leading technology investors is a reflection of the significant market opportunity as the global art market continues to flourish and its transition to online further accelerates”.