Key Takeaways:Covalo is an ingredient discovery and data platform for the personal care industry, including industry leaders such as Givaudan, Symrise, Puig, and La Prairie.The business evolution is built on the belief that 80% of beauty products will need reformulating by 2030.Covalo is building the foundation for a more connected, efficient, and intelligent ecosystem.Covalo has secured a €3.5 million ($4 million) funding extension led by Hi inov with existing investors HTGF and seed + speed Ventures to accelerate its next chapter.WHO: Switzerland-based Covalo was founded in 2021 by Yann Chilvers and Timo von Bargen, who serve as co-founders and co-CEOs. The platform for ingredient discovery and data management in the personal care industry connects more than 1,500 suppliers and 6,000 brands across 145+ countries. Covalo helps consumer goods companies bring sustainable products to market faster by empowering them to better connect, collaborate, and transact with their suppliers.Brands can accelerate product innovation, while suppliers can enhance their online visibility and drive seamless business growth.WHY: The capital will fund Covalo’s evolution from ingredient discovery marketplace pioneer to the industry’s trusted data infrastructure, which connects directly into suppliers' product information management (PIM) systems and brands' R&D and product lifecycle management (PLM) workflows.IN THEIR OWN WORDS: Yann Chilvers, co-founder and co-CEO at Covalo, said, "On average, it takes 3-5 years to bring a product to market. At the end of this process, 50% of product launches fail, costing the industry hundreds of billions every year.