Colvin Raises €45M Series C Funding to Revolutionize Flower Delivery

The Evolving Landscape of Supply Chains

Significant shifts are occurring within global supply chains, a trend that has been gaining momentum for some time. The COVID-19 pandemic has undeniably expedited this evolution. Technology startups are increasingly bypassing traditional intermediaries, but now at the foundational level of the supply chain itself.

This presents an opportunity to transition from conventional supply chains to integrated platforms – a process that can be described as the “platformization of supply chains.”

Colvin: A Case Study in Platformization

A recent illustration of this trend is Colvin, a platform specifically designed for the floriculture industry. The company has successfully secured €45 million in Series C funding, spearheaded by Eurazeo, a French private equity and venture capital firm.

Eurazeo’s investment portfolio includes other prominent marketplaces like Farfetch, Glovo, and ManoMano. Capagro, a French venture capital firm specializing in agtech and food tech, also participated in this funding round.

From Direct-to-Consumer to B2B

Initially launched as a direct-to-consumer brand – a model which remains in place – Colvin has expanded its operations to encompass a B2B segment, catering to professional clients.

Sergi Bastardas, Colvin’s co-founder, stated: “2020 marked a period of accelerated growth for Colvin, representing a pivotal moment that will define our trajectory in the years ahead. Our ambition is to spearhead the industry’s transformation on a global scale.”

Addressing Inefficiencies in the Floral Market

Chloé Giard, investment director at Eurazeo, highlighted the potential for disruption within the floral industry.

Bastardas explained in a recent conversation: “The Netherlands currently holds a dominant position in the flowers and plants market. Approximately 65% of all globally traded flowers and plants are physically routed through a large auction house located in the Netherlands, irrespective of their origin.”

He further elaborated that this situation stems from a lack of digitalization within the industry. “Our primary objective was to establish a more direct connection between all stakeholders,” he said.

Building a Connected Ecosystem

The company’s initial strategy involved linking growers directly with consumers through a B2C platform. “We have now begun developing our B2B solution, which directly connects our growers, alongside wholesalers, with retailers, eliminating unnecessary intermediaries through the application of technology,” Bastardas noted.

When questioned about potential industry resistance, he responded: “The existing intermediaries will undoubtedly be displeased with our approach.”

Key Takeaway: Colvin’s model exemplifies how platforms can streamline supply chains and challenge established market structures.