Novi Raised $40M in Funding
Summary
The company intends to use the funds to: • build additional technology for both sides of the marketplace to comply with evolving sustainability claims, • grow its selection of ingredients, fragrances and packaging, as well as • expand into new verticals like home care and food. Led by Kimberly Shenk, CEO and founder, Novi Connect helps brands build sustainable products. Through a data-rich network of suppliers, manufacturers, and retailers, brands can formulate, discover, sample, and purchase innovative ingredients and sustainable packaging as they build new products. Today, Novi launches a publicly-available ingredient screening tool that enables ingredients to be instantly vetted against complex data-dense standards including Certified Vegan, Clean at Sephora and EWG VERIFIED™ in a move to make sustainability more accessible to SMB brands. The startup boasts 9x growth in consumer brands in 2021, with users from Smashbox to Seventh Generation to Unilever.
Funding
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