Novi Connect, a San Francisco CA-based B2B marketplace for sustainable packaging, raised $40M in funding.
The round was led by Tiger Global with participation from Defy.vc and Greylock.
The company intends to use the funds to:
- build additional technology for both sides of the marketplace to comply with evolving sustainability claims,
- grow its selection of ingredients, fragrances and packaging, as well as
- expand into new verticals like home care and food.
Led by Kimberly Shenk, CEO and founder, Novi Connect helps brands build sustainable products. Through a data-rich network of suppliers, manufacturers, and retailers, brands can formulate, discover, sample, and purchase innovative ingredients and sustainable packaging as they build new products.
Today, Novi launches a publicly-available ingredient screening tool that enables ingredients to be instantly vetted against complex data-dense standards including Certified Vegan, Clean at Sephora and EWG VERIFIED™ in a move to make sustainability more accessible to SMB brands.
The startup boasts 9x growth in consumer brands in 2021, with users from Smashbox to Seventh Generation to Unilever.
FinSMEs
07/02/2022