Colvin raises €45M Series C led by Eurazeo to disrupt the cosy flowers industry
Something very interesting is going on with supply chains, and has been for a while. But it’s clear the pandemic has accelerated the trend. Tech startups are once again cutting out the middle man, but this time at the supply chain level. The opportunity is to replace supply chains with platforms – it’s the ‘platformization of supply chains’ if you will.
The latest example of this is Colvin, a platform for the ‘floriculture’ industry, which has now raised a €45M Series C led by Eurazeo, a private equity and venture capital firm out of France which has invested other marketplaces such as Farfetch, Glovo or ManoMano. Also participating was Capagro, and AgTech and FoodTech VC also out of France.
Launched as a direct-to-consumer brand (which is still maintained) Colvin has now created a B2B category aimed at professionals.
Sergi Bastardas, cofounder of Colvin said: “2020 has been a year of acceleration for Colvin, a turning point that will set the pace for our growth over the coming years… Our goal at Colvin is to lead the transformation of the industry at a global level”.
Chloé Giard, Investment Director at Eurazeo said: “Colvin’s trajectory in the flower delivery market has been outstanding. They have proved they could grow both fast and profitably, while expanding into new geographies. This is only a first step in their ambition to build the future of the flower industry: as more and more B2B categories are switching online (see the recent announcements of Ankorstore, Choco or Sennder), the timing is unique to bring a new standard to the flower wholesale market. Colvin is leveraging years of industry expertise, a scalable supply chain, and a global network of trusted growers to seize this $ billion market opportunity.”
Over a call, Bastardas told me: “The Netherlands has a monopoly on the flowers and plants market. Some 65% of all flowers and plants in the world have to pass, physically, through a huge auction that sits in the Netherlands, regardless of where they were cultivated. This is because the industry is not digitalized. So that’s the problem we were solving: connecting the stakeholders in a more direct way.”
He said they’d started by connecting growers with customers with a b2c platform: “We’ve now started to build out our b2b solution, where we connect our growers, as well as wholesalers directly with retailers, avoiding unnecessary intermediaries, with technology.”
I asked him if he will annoy the industry: “The intermediaries are going to be mad with us, yes.”