Covvalent, a managed marketplace for specialty chemicals, has raised $4.3 million in its seed round led by Nexus Venture Partners. Angel investors and startup founders such as Vishal Chaudhary, Ramakant Sharma, Rajesh Yabaji, Rehan Khan, Jawaid Iqbal, Anubhav and Ankit Singh have also participated in the round.
Covvalent will use the funds to build its product and business teams and sharpen its technology tools and a supplier’s output, the company said in a press release.
Founded in 2022 by Sandeep Singh and Arush Dhawan, Covvalent offers a range of pigments, resins, additives, binders and ploymers across various industries.
According to a report, the global specialty chemical market is $800 billion and growing at approximately 6% annually.
Nexus focuses on funding startups in sectors such as enterprisetech, consumer internet, healthcare, media, software, big data analytics and fintech among others. Its portfolio companies include Snapdeal, Shopclues, Delhivery, Rapido, Unacademy, Pratilipi, Olx, Postman and Yolobus among others. Its notable investments this year include Phyllo, Jify, Vahak, Neuron7.ai and DAOLens. Employees volunteering platform Goodera and signal-based trading platform Investmint recently raised funding from the VC fund.