The funding will help Convelio expand into new logistics market segments and enhance its art, antiques, and design logistics technology. Here are the top-line bullets you need to know.
Convelio, a luxury goods logistics firm, has raised $35M in a Series B. The round drew participation from Forestay Capital, Acton Capital, and Global Founders Capital, among others.
HOW’S THE COMPANY PERFORMING?
- Paris-based Convelio provides global shipping services for providers of luxury goods. It primarily caters to sellers in the art market.
- The platform delivered 14K shipments across 80+ countries in 2021.
- The company has achieved 98% year-over-year growth since its inception. In 2021, its annual revenue grew 2.5x.
- Convelio caters to over 3K clients, including Christie’s, 1stdibs, Phillips, and Sotheby’s.
- The company tripled its team size to 200 people in 2021, and it maintains offices across Paris, London, and New York.
Source: Convelio
WHY DOES THE MARKET MATTER?
- The global logistics market is expected to reach a value of $13T by 2027, growing at a CAGR of 6.5%, according to Allied Market Research.
- The pandemic-induced increase in demand for fast-moving consumer goods (FMCG), medical supplies, and other consumer goods has accelerated the growth of online retail, which has driven global logistics market expansion.
- Heightened supply chain disruption amid the pandemic has led to increased investments in logistics to drive efficiencies and cut costs.
