Covalo secured a EUR 3.5 million funding extension led by Hi inov, with existing investors HTGF and seed + speed Ventures participating. The Zurich company is expanding its ingredient-discovery platform into software that connects suppliers' product records with cosmetics manufacturers' development and regulatory workflows.
The platform brings together technical, safety and sustainability information that would otherwise circulate in separate documents and spreadsheets. Covalo says the funding will support enterprise expansion, product-information management and planned AI tools for extracting data, handling supplier requests and checking compliance. At the announcement, it reported more than 1,500 suppliers and 6,000 brands connected across over 145 countries.
