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Sustainable Supplier Marketplace Novi Raises $10.3 Million

September 13, 2021 BeautyMatter
September 13, 2021
Mathilde Langevin via Unsplash

The San Francisco-based B2B marketplace Novi has raised $10.3 million in a Series A funding round led by Greylock.

WHO: Novi was founded in 2019 by Kimberly Shenk as an enterprise SaaS platform focused on ingredient assessments beyond regulatory and certification checks and looking at data for human health, environmental sustainability, social impact, and animal welfare. The platform has evolved into a B2B marketplace for sustainable suppliers in the $1.5 trillion product development supply chain market.

WHY: The fresh capital will be used to build the company's platform and expanding into verticals for home goods and food, the report stated.

IN THEIR OWN WORDS: "Each ingredient comes and is manufactured by a different supplier; it becomes hard to track down if ingredient 'A' from supplier '4' is compliant with 'x,'" Shenk says. "Imagine as a [company] doing this across 100s of products. Brands can't actually move forward at the pace they want. We think this is a time for modernizing."

“Consumer demand for clean transparent products is pretty much the most significant trend in the consumer goods category at large," Shenk says. "Approximately 85% of consumers are demanding it. It is forcing large antiquated brands to rethink their entire supply chain." She hopes Novi can play a part in that. "We are the future of transparent sustainable products," Shenk says. "The first global platform that gives brands this data-rich experience in order to develop these products end to end.”

DETAILS:

  • Novi raised $10.3 million in a Series A funding round led by Greylock with participation from Defy Partners, angel investors, and Yannis Skoufalos.
  • To date, the company has raised a total of $11.5 million.
  • The start-up has already amassed hundreds of customers and landed partnerships with household names like Sephora and Target. Novi is now raising its Series A after seeing its customer base grow 300% in the first half of 2021.
  • In 2020, Novi raised $1.5 million in seed funding from investors including Defy, a leading Silicon Valley venture capital firm, along with prominent angel investors such as Kevin Hartz, Eventbrite co-founder and Chairman of the Board, and Julia Hartz, Eventbrite co-founder and CEO, along with Cowboy Ventures, Felicis Ventures, Khosla Ventures, Maveron, Polaris Ventures, and Slow Ventures.
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