Specialty chemicals firm, Covvalent, has raised $4.3 mn in Seed funding led by Nexus Venture Partners. Renowned angel investors and founders including 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) also participated in the round.
The money raised will be used to create the product and business teams, improve the technology tools, and guarantee an exact match between the requirements of the client and the output of the provider, as per reported by Entrepreneur.com.
“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.
Covvalent, a platform founded in 2022 by Sandeep Singh and Arush Dhawan, intends to upend the $800 billion specialty chemicals market by assisting customers in locating the bulk of their raw materials at the needed quality and within specified timeframes.
“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.
Covvalent is led by a solid operating team of ex-consultants, engineering leads, and operators from Harvard Business School, IIT, and IIM, with combined experiences of 50+ years in various fields of business. They are backed by one of the Tier 1 venture capital funds globally and several angels active in the B2B and specialty chemicals space.