Startup for speciality chemicals Covvalent receives $4.3 million in seed funding from a Nexus VP and others
- ByStartupStory | November 28, 2022
Speciality chemicals business Covvalent, which is owned by AT7 Technology Inc., announced on Monday that it has received $4.3 million in seed funding (about Rs 34.4 crore), headed by early-stage venture capital firm Nexus Venture Partners.
Vishal Chaudhary (Zetwerk), Ramakant Sharma (Livspace), Rajesh Yabaji (BlackBuck), and Kaushal Soparkar (Meghmani Group), among others, participated in the round as angel investors and founders. The Gurugram-based business will use the additional funds to expand its product and business teams and increase supply chain effectiveness.
Covvalent, a company founded last year by Sandeep Singh and Arush Dhawan, says it can address cross-border supply chain problems like supplier discovery, delivery delays, and quality rejections.
The industry of speciality chemicals is going through a transformation, which is being fueled by advances in globalisation, technology, and logistics. In order to ensure timely delivery and high quality, we intend to provide solutions for our customers by fusing technology with effective on-the-ground operations, Singh added.
Anand Datta of Nexus Venture Partners stated that “the global supply chain for specialised chemicals is ripe for disruption” and predicted that “new production hubs and more efficient supply chains will emerge, facilitated by technology.”
Entrepreneurs that are launching product-first businesses have been working with Nexus Venture Partners. It has backed over 75 startups with a focus on enterprise technology, consumer retail, business services, healthcare, and education. Nexus led an $8 million investment round earlier this month in the US-based fintech company Doola. The VC company had invested $10 million in fintech startup Jify in August.
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