The Business-to-Business (B2B) speciality chemicals start-up Covvalent raised 4.3 million US dollars in the seed funding round on Monday, 28th November 2022.
The seed funding round was led by the California-based Venture capital firm Nexus Venture Partners. The funding round witnessed various participants as angel investors.
Angel Investors present to invest in Covvalent
Along with the Nexus Ventures partners, the other angel investors who took part in the funding round were, Vishal Chaudhry the co-founder of Zetwerk, the founder of BlackBuck Rajesh Yabji, Ramakant Sharma the founder of Livspace, the India Region Managing Director of Merck & Co. Inc. (MSD Pharmaceuticals) Rehan Khan, Kaushal Soparkar the founder of Mehmani Group and Managing Director of Meghmani Finechem Ltd. and the co-founders of Rupifi Anubhav Singh, Ankit Singh and Jawaid Iqbal.
The company said in its press statement that the fund raised from the angel investors will be used in manufacturing the products and in constructing the operational team. The funds will also be used to build up the technology, equipment and to develop business at the international level.
With respect to the investment made, the Principal at nexus Ventures Partners stated that the speciality chemical’s business logistics network across the globe is ready for replacement. New manufacturing plants and logistics based on the technology are set to emanate.
He also added that the cofounders of Covvalent have a special blend of technology-first admittance, which is propped up by operational excellence and domain expertise to draw out the chances in a unique way.
About the Company Covvalent
The speciality chemicals start-up Covvalent has been set up this year by two IIT Kharagpur alumni, Sandeep Singh and Arush Dhawan in Gurugram Haryana.
The company has acknowledged that the market for the Speciality Chemicals is worth 800 billion US dollars and the company wishes to derange the market helping the customers to source most of the ingredients required by them at the exact time promised by the firm to deliver the products.
The company offers state-of-the-art procurement which enables on-time delivery of the top-class quality products. The company also claims that its supreme formulations and world –class customer service aid in prioritizing customer satisfaction.
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