Knowde will use the Series B funds to support product development. Here are the top-line bullets you need to know.
Knowde, an online marketplace for chemicals and ingredients, has raised $72M in a Series B. The round drew participation from Coatue Management, Sequoia Capital, and Bee Partners, among others.
How’s the company performing?
- California-Based Knowde is a B2B e-commerce marketplace that allows users to search, compare, quote, and purchase chemicals and ingredients from producers across the globe.
- Knowde has over 100,000 products from more than 2,000 suppliers like Dupont, Croda, DSM, and Allnex listed on its platform.
- The company states that about 20% of chemical suppliers from North America and Europe are on its platform.
Why does the market matter?
- The global chemical distribution market is expected to grow at a CAGR of 5.4% and reach a value of $375.7B by 2027, according to Grand View Research.
- Factors such as changing customer preferences, supply chain disruptions, growth of the contactless environment, and the need for innovation to maintain sustainability have all been accelerated by the Covid-19 pandemic and are contributing to a digitization surge in the chemical industry.