Covalo Raises €3.5M To Build Data Platform For Personal Care Industry

The round was led by Hi inov, with participation from existing investors HTGF and seed+speed Ventures. The company also marked its five-year anniversary alongside the announcement.

Founded in 2021 Covalo helps consumer goods companies develop sustainable products faster by improving how they connect and collaborate with suppliers. Its platform links over 1,500 ingredient suppliers with more than 6,000 brands across 145+ countries, enabling R&D teams to discover, evaluate and work with ingredients more efficiently.

The company highlights that innovation in personal care depends heavily on ingredient data, which is often scattered across different systems, organisations, and formats, making it difficult to access and use effectively.

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Covalo, which began as an ingredients platform for the personal care industry, is evolving into a data infrastructure provider that helps companies structure, manage, and share product and ingredient data across organisations and partners. Its neutral platform aims to improve efficiency and support future AI-driven innovation.

The company reported strong growth with platform engagement rising 84% in 2025 reaching 1.3 million monthly interactions and net revenue retention above 145%. It also collaborates with key industry partners such as TraceOne Reed Exhibitions and the B Corp Beauty Coalition.

With the new funding, Covalo plans to expand its enterprise offerings, launch industry-specific AI tools, and enhance its platform with advanced data management capabilities, including product information and master data management.

Timo von Bargen, co-founder and Co-CEO, said, “Five years ago, we built the world’s largest ingredient discovery platform. What we’ve learned is that discovery is just the beginning what the industry needs is a shared system of record where ingredient data is structured once, governed once, and reused everywhere. Our largest customers are expanding their use of the platform two- to three-fold year over year, not because we’re selling harder, but because once data is structured on Covalo, teams across R&D, regulatory, and procurement all want access. That compounding effect is something no standalone tool can replicate.”

About Covalo

Covalo is a data platform that helps consumer goods companies develop sustainable products faster. It connects brands with suppliers, enabling better collaboration and transactions. By improving access to ingredient data Covalo supports faster innovation for brands while helping suppliers increase visibility and grow their business efficiently.