AT7 Technology, which operates the specialty chemicals startup Covvalent, announced on Monday that it has received $4.3 million (approximately Rs 34.4 crore) in seed funding led by early-stage venture capital firm Nexus Venture Partners.
Vishal Chaudhary (Zetwerk), Ramakant Sharma (Livspace), Rajesh Yabaji (BlackBuck), and Kaudhal Soparkar (Meghmani Group) were among the angel investors and founders who participated in the round.
The new funds will be used to expand the company’s product and business teams, as well as to improve supply chain efficiencies.
Covvalent, founded this year by Sandeep Singh and Arush Dhawan, claims to solve core cross-border supply chain issues such as supplier discovery, delivery delays, and quality rejections.
Nexus Venture Partners has been collaborating with entrepreneurs who are launching product-first businesses. It has made over 75 investments in startups focusing on consumer retail, business services, healthcare, education, and enterprise technology.
Nexus led a $8 million investment round in Doola, a US-based fintech player, earlier this month. The venture capital firm invested $10 million in the fintech startup Jify in August.
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