Zurich-based Covalo, a leading data and discovery platform for the personal care industry, has secured a €3.5 million funding extension as it marks five years of growth and expansion.
The round was led by Hi inov, with continued support from HTGF and seed + speed Ventures. The new capital will support Covalo’s transition from an ingredient marketplace into a full-scale data infrastructure layer for the global personal care ecosystem.
From Marketplace To Industry Infrastructure
Since its launch, Covalo has built one of the largest ingredient discovery platforms in the sector, connecting more than 1,500 suppliers with over 6,000 brands across 145+ countries. Its customer base includes major industry players such as Givaudan, Symrise, PUIG, and La Prairie.
The company is now expanding beyond discovery to become a central data backbone, enabling seamless data exchange between suppliers, brands, and internal systems.
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Tackling A Fragmented Data Landscape
Product development in personal care is heavily dependent on ingredient data, yet this information is often scattered across emails, PDFs, and disconnected systems. A single product can require dozens of ingredients, each linked to multiple compliance and technical documents.
This fragmentation creates inefficiencies across R&D, regulatory, and procurement teams, especially as new regulations such as the EU Green Deal and sustainability requirements increase complexity. The lack of structured, shared data also limits the industry’s ability to adopt AI-driven workflows.
Covalo addresses this by creating a unified, structured data layer. Its platform integrates directly with suppliers’ product information systems and brands’ internal workflows, enabling real-time updates and consistent data across the entire product lifecycle.
Driving Adoption And Engagement
The company’s traction reflects growing demand for a centralised data solution. Platform engagement increased by 84% in 2025, reaching 1.3 million monthly interactions. Net revenue retention exceeded 145%, indicating strong expansion within existing customers.
Covalo also collaborates with key ecosystem partners such as TraceOne, Reed Exhibitions, and the B Corp Beauty Coalition, reinforcing its position as a neutral platform across the industry.
Enabling AI And Digital Workflows
With structured data as its foundation, Covalo is now expanding into AI-powered capabilities. The company plans to introduce specialised AI agents for use cases such as conversation analytics, RFI/RFP automation, data extraction, and regulatory compliance checks.
In parallel, it is building out deeper product information management (PIM) and master data management (MDM) functionalities to strengthen its platform offering.
Scaling The Next Phase
The new funding will support Covalo’s enterprise expansion in key markets and further development of its data infrastructure. While the company remains focused on the personal care sector, it sees potential to expand into adjacent industries over time.
Co-founders Yann Chilvers and Timo von Bargen emphasized that the future of the industry depends on a shared, structured data foundation that enables seamless collaboration and faster innovation.
About Covalo
Covalo is a Zurich-based platform that connects ingredient suppliers and brands in the personal care industry. Initially built as a discovery marketplace, the company is evolving into a central data infrastructure layer, helping organisations structure, manage, and exchange product data efficiently while enabling the next generation of AI-driven innovation.
