Covalo was founded as a spin-off of chemicals company, Clariant with the aim of expediting product development in the beauty and consumer goods industries by addressing challenges across the entire product development process. The company developed an advanced AI-driven data platform which includes all the necessary data, data management controls, and integrations, making it a one-stop shop solution for brands looking to bring sustainable products to market faster, and for suppliers aiming to grow their businesses online seamlessly.
To this end more than 6000 brands in over 145 countries and over 22,000 users use the platform, which boasts over 100k brands listed from over 1000 suppliers. Among its clients are renowned brands such as L'Oréal, Beiersdorf, Sephora, Coty, and Lush.
The company has acquired Cosmetitrovo, Italy’s leading platform for connecting cosmetic ingredient suppliers, distributors, contract manufacturers, and service providers, marking a significant expansion for Covalo in the Italian market. Following the acquisition, Covalo will integrate Cosmetitrovo's network and expertise into its platform, strengthening its market position worldwide and enhancing its capabilities to further drive innovation, transparency, and sustainability in the global consumer goods industry.
“This marks a major milestone in our journey to address local needs with global solutions. By combining Covalo’s advanced technology with Cosmetitrovo’s deep local expertise, we’re kicking off our regionalization strategy, starting in Italy and setting the stage for more tailored solutions in strategic markets worldwide. With this acquisition, Covalo is not only solidifying its presence in Italy but also laying the groundwork for platform localization in other strategic regions worldwide” commented the company.
Moving forward, Covalo aims to offer localized solutions that help suppliers meet regional demands while simplifying supply chains and enhancing sustainability. This move strengthens connections between brands and suppliers, providing tools tailored to regional demands while also opening doors to international markets.
(RAN)
The new Swiss Venture Capital Report was published on 26 January. It analyses 304 financing rounds closed in 2020 and includes further article such as an interview with Michael Hengartner, President of the ETH Board, and a list of Swiss "soonicorns". 
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