Novi Connect, a San Francisco, CA-based B2B marketplace for brands to build and manufacture transparent products, raised $10.3M in funding.
The round was led by Greylock, with participation from Defy Partners, Thomas Layton (Executive Chairman of Upwork and former OpenTable CEO) and Yannis Skoufalos (former Global Product Supply Officer at P&G).
Founded by Kimberly Shenk, a retired Air Force Captain, MIT trained data scientist, and former Head of Data Science at Eventbrite, Novi is a data-driven platform for building transparent products offering a data rich marketplace for transparent ingredient, fragrance and packaging sourcing, and procurement. With the platform, brands of all sizes can formulate new products with materials that meet any standard they require: the most popular selections on the system are Clean at Sephora, Target Clean, Responsibly Sourced Palm Oil (RSPO) and Vegan.
Brands also bring their R&D teams and contract manufacturers on the platform to collaborate and find innovative ingredients and packaging that are pre-vetted to meet changing requirements and sustainability standards. And for retailers, the company helps vendors adhere to corporate policies.
Today, Novi works with hundreds of brands, suppliers and retailers including Shiseido, Target, Sephora, Credo, and Dow.
Currently focused on personal care, beauty, and home goods, the company plans to use the funds to expand to additional categories and continue to build out its marketplace.
FinSMEs
07/09/2021