GrowinCo., the CPG manufacturing platfrom that has earned the moniker “Airbnb of industries” for its disruptive business model and value proposition, has raised $1 million from a consortium of investors.
WHO: Founded in 2019, GrowinCo. is a platform that features a database of suppliers, co-manufacturing and co-packing services, and a new product development tool, enabling the CPG/FMCG industry to optimize manufacturing, procurement, and research and development processes. They use an algorithm to match businesses with the most suitable suppliers within its network of over 100,000 suppliers in 10 countries to bring new products to market faster and cheaper.
WHY: The funding will enable GrowinCo. to expand its presence in the US market.
DETAILS:
- GrowinCo. raised $1 million in funding from a consortium of investors, including Mandi Ventures.
- The company was founded in 2019 by two former executives of Mondelez who saw a crucial need for innovation and efficiency in the co-manufacturing and sourcing processes.
- GrowinCo. was founded in Brazil and is rapidly growing globally. 70% of its revenue comes from international customers.
Source: https://beautymatter.com/articles/growinco-raises-1-million-in-funding
