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Novi Connect, a B2B marketplace that helps firms create and manufacture transparent products, has raised $10.3 million in funding. Novi is a data-rich marketplace for transparent sourcing and purchase of ingredients, fragrances, and packaging.
Novi Connect, a B2B marketplace to help brands build and manufacture transparent products, has announced that it has raised $10.3 million in a Series A round led by Greylock. Other participants include Defy Partners, Thomas Layton (Executive Chairman of Upwork and former OpenTable CEO), and Yannis Skoufalos (former Global Product Supply Officer at P&G).
Novi plans to use the capital to grow into new categories and continue to build out its marketplace, which is now focused on personal care, beauty, and home items.
Novi is the first data-driven platform for designing transparent products, founded by Kimberly Shenk, a retired Air Force Captain, MIT-trained data scientist, and former Head of Data Science at Eventbrite.
After I left Eventbrite, I co-founded a data-driven beauty brand and gained first-hand visibility into a well-known truth in manufacturing: information about ingredients in our products is almost impossible to obtain and digest. It’s tremendously difficult to build a “clean” product without knowing source-level ingredient details. This is a data problem at its core. I started Novi to offer detailed, proprietary ingredient data to brands and manufacturers during the R&D and procurement process. Everyone deserves to know what goes into products. The Novi solution was long overdue.Kimberly Shenk, CEO and founder of Novi
Novi is a data-rich marketplace for sourcing and purchase of transparent ingredients, fragrances, and packaging. The $5 trillion global raw materials market is a data-starved, highly opaque, fragmented business that works largely offline, requiring companies to rely on inefficient R&D and procurement methods.
At Type:A, we deeply care about building sustainable products, yet finding packaging that meets our standards has been challenging. Novi has been a game changer for us — using Novi, Type:A has been able to quickly and easily order sustainable packaging samples and get a clear understanding of pricing and lead times.Allison Moss, founder and CEO at Type:A Brands—one of Novi’s customers
Brands also use Novi to connect with their R&D teams and contract manufacturers to uncover novel ingredients and packaging that have been pre-vetted to fulfill ever-changing criteria and sustainability standards. Novi also assists merchants in ensuring that vendors seamlessly follow business regulations.
Mike Duboe, a partner at Greylock and a board member at Novi
Brands have come to expect the same research, discovery, and purchasing capabilities that they experience in their lives as consumers. Demand for clean, transparent, sustainable products has forced modernization across the entire CPG supply chain, and Novi’s software (and purchasing experience) is central to that. Kimberly has a unique combination of first-hand empathy for this problem and the data science DNA to build the network that will push this industry forward.