Novi Connect Company Profile

Background

Overview

Novi Connect, founded in 2020 by MIT graduate and Air Force veteran Kimberly Shenk, is a San Francisco-based B2B marketplace dedicated to facilitating the development of sustainable consumer products. The company's mission is to integrate data science and advanced technology to promote transparency and sustainability in product development, thereby creating better products for both people and the planet.

Mission and Vision

Novi Connect aims to empower brands to build transparent and sustainable products by providing a data-rich network of suppliers, manufacturers, and retailers. This network enables brands to easily formulate, discover, sample, and purchase innovative ingredients and sustainable packaging.

Industry Significance

In an era where consumers increasingly demand transparency and sustainability, Novi Connect addresses the challenges brands face in sourcing materials that meet complex industry standards. By digitizing and centralizing material data, Novi streamlines the procurement process, ensuring real-time accuracy against evolving standards and claims.

Key Strategic Focus

Core Objectives

Enhancing Transparency: Provide detailed, proprietary ingredient data to brands and manufacturers during the R&D and procurement process.

Promoting Sustainability: Facilitate the sourcing of sustainable and innovative ingredients, fragrances, and packaging materials.

Streamlining Procurement: Digitize and centralize material data to simplify the procurement process and ensure compliance with industry standards.

Areas of Specialization

Novi Connect specializes in the personal care, beauty, and home goods sectors, offering a platform that allows brands to formulate new products with materials that meet various standards, including Clean at Sephora, Target Clean, Responsibly Sourced Palm Oil (RSPO), and Vegan.

Key Technologies Utilized

The platform leverages data science and advanced technology to collect, digest, and digitize material data, ensuring real-time accuracy against ever-changing standards and claims.

Primary Markets Targeted

While initially focused on the beauty and personal care industries, Novi Connect has plans to expand into additional categories such as home care and food, responding to the growing demand for sustainable products across various consumer goods sectors.

Financials and Funding

Funding History

September 2021: Raised $10.3 million in a funding round led by Greylock, with participation from Defy Partners, Thomas Layton, and Yannis Skoufalos.

February 2022: Secured an additional $40 million in funding led by Tiger Global, with follow-on investments from Defy.vc and Greylock.

Total Funds Raised

As of February 2022, Novi Connect has raised over $51 million in total funding.

Notable Investors

Tiger Global

Greylock

Defy.vc

Thomas Layton (Executive Chairman of Upwork and former OpenTable CEO)

Yannis Skoufalos (former Global Product Supply Officer at P&G)

Utilization of Capital

The funds are intended to build additional technology for both sides of the marketplace to comply with evolving sustainability claims, grow the selection of ingredients, fragrances, and packaging, and expand into new verticals like home care and food.

Pipeline Development

Key Pipeline Initiatives

Ingredient Screening Tool: Launched a publicly available ingredient screening tool that enables ingredients to be instantly vetted against complex standards, including Certified Vegan, Clean at Sephora, and EWG VERIFIED™, making sustainability more accessible to SMB brands.

Expansion into New Verticals: Plans to expand into new verticals such as home care and food, responding to the growing demand for sustainable products across various consumer goods sectors.

Target Conditions

Novi Connect targets the challenges brands face in sourcing materials that meet complex industry standards and consumer demand for transparency and sustainability.

Timelines for Anticipated Milestones

While specific timelines are not publicly disclosed, the company has demonstrated rapid growth and expansion since its founding in 2020, with significant funding rounds in 2021 and 2022 to support its initiatives.

Technological Platform and Innovation

Proprietary Technologies

Novi Connect's platform collects, digests, and digitizes material data, ensuring real-time accuracy against ever-changing standards and claims.

Significant Scientific Methods

The platform utilizes data science methodologies to analyze and interpret complex material documentation, facilitating efficient and confident procurement decisions around sustainability.

Leadership Team

Key Executive Profiles

Kimberly Shenk, CEO and Founder: An MIT graduate and Air Force veteran, Kimberly previously served as the Head of Data Science at Eventbrite. She founded Novi Connect to address the challenges brands face in sourcing sustainable materials and to promote transparency in product development.

Competitor Profile

Market Insights and Dynamics

The consumer goods industry is experiencing a significant shift towards sustainability and transparency, driven by increasing consumer demand for products that align with their values. This trend has led to the emergence of platforms and services that facilitate sustainable product development and sourcing.

Competitor Analysis

While specific competitors are not detailed in the available information, Novi Connect operates in a space that includes other platforms and services aimed at promoting sustainability and transparency in product development. The company's unique data-driven approach and focus on real-time accuracy against evolving standards set it apart in the industry.