Covvalent Raises $4.3 Million In Seed Funding Round
The fund raised will be to build the product and business teams, and sharpens the technology tools to ensure a precise match between customer specifications and a supplier's output
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Specialty chemicals platform, Covvalent, has raised $4.3 million in a Seed funding round led by Nexus Venture Partners. The round also witnessed participation from noted angel investors and founders such as Vishal Chaudhary (co-founder, Zetwerk), Ramakant Sharma (founder, Livspace), Rajesh Yabaji (founder, BlackBuck), Rehan Khan (MD, MSD India Region), Jawaid Iqbal, Anubhav and Ankit Singh (co-founders, Rupifi) and Kaushal Soparkar (founder, Meghmani Group). The fund raised will be to build the product and business teams, and sharpens the technology tools to ensure a precise match between customer specifications and a supplier's output.
"Specialty Chemicals as a sector is undergoing a revolution driven by leaps in globalization, technology, and logistics. But more opportunity has also created complexity, making it difficult for procurement teams to find quality suppliers. In addition, a fragmented supplier base and a lack of supply chain transparency make it even more challenging," said Sandeep Singh, co-founder of Covvalent.
Founded in 2022 by Sandeep Singh and Arush Dhawan, Covvalent is a tech-enabled platform that aims to solve sourcing and procurement challenges in the highly fragmented $800 billion global specialty chemicals industry, as per the company's statement.
"The global supply chain for specialty chemicals is ripe for disruption - new production centers and more efficient supply chains will emerge, enabled by technology. In Sandeep and Arush, we see a unique mix of a tech-first approach supported by operational and domain expertise to exploit these opportunities uniquely," said Anand Datta, Nexus Venture Partners.