- Startup Convelio realized the huge potential of the global art logistics chain and raised $35 million funding.
- Convelio’s goal is to focus on specialized logistics in the fine art market, which has a cumulative valuation of $5 billion in the US, UK and Europe alone.
- The investment funds raised by Convelio will be used to develop the technology and it will help the company increase the number of employees globally.
Potential in the art market
Driven by young and tech-savvy collectors, online art sales have doubled in recent years. However, delivery options to customers around the world are still not diverse for the art shopping trend, it takes traditional shipping providers 1 to 5 days to quote to customers then shipping these high value items.
Convelio, a technology-led Paris-based art shipping company founded in 2017, has realized the huge benefits that art logistics can bring and raised $35 million in funding. investment from the Series B program. This is a program invested by the joint venture Forestay and Mundi Ventures and with the participation of the European investment fund. In 2020 the company also raised $9 million with a Series A program, making it one of the largest investments ever made in a global art logistics business.
Convelio’s next steps
In 2021, the company saw more than 14,000 shipments valued at $265 million across more than 80 countries worldwide. The number of customers the company serves has doubled to nearly 3,000. The company’s client base includes global art market giants such as Christie’s, Sotheby’s and Phillips.
The company’s current goal is to focus on specialized logistics in the fine art, antiques and high-end furniture markets that are cumulatively valued at more than $5 billion in the US, UK and Europe alone. The logistics segment itself accounts for almost 20% of the global logistics market, which is worth $7.4 trillion per year. Convelio co-founder and CEO Edouard Gouin said that this grant will accelerate efforts in the technology sector and help them expand their global reach, particularly in the United States, the fastest growing market.
The investment funds raised by Convelio will be used to develop logistics technologies, provide customer service or sustainability strategies. It will help the company expand its headcount around the world, especially in the US where the company plans to double its workforce. Part of the investment fund will also be used to develop ESG (Environmental, Social and Corporate Governance) projects to adapt the company’s services to the goal of minimizing its impact on the planet.