Convelio raises $35 million
Fine art shipping platform Convelio has raised $35 million in Series B funding led by Forestay and Mundi Ventures, with participation from The European Investment Fund and existing investors including Acton Capital and Global Founders Capital.
Founded in 2017, the Paris-based startup offers a complete, door-to-door solution for those looking to ship fine art with values typically ranging from €5,000 to €1 million. Some of the solutions include logistics, clearance from customs, and insurance, which is provided by AXA.
The startup handled 14,000+ shipments with a cumulative value of $265 in 2021. It serves over 3,000 customers including Christie’s, Sotheby’s and Phillips.
“Since launch in 2017, we’ve recorded an average 98% compound annual growth rate in revenue, and in 2021 alone, revenue increased by 2.5 times. The vast majority of the revenue in the fine-art shipping market, a $4 billion opportunity, sits with traditional, low-tech incumbents and this is what we are going after as a start. Our competitive edge has always been on building the best experience for our clients by leveraging technology. We have more than a head start, so we are going to continue keeping our heads down, keep working on shipping more, and faster, to deliver the ultimate fine-art shipping experience.” – Edouard Gouin, co-founder and managing director of Convelio.