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February 15, 2022
Novi Connect Updates

Novi Secures $40M in New Funding to Make Sustainability Accessible for Consumer Brands

Zachary Schneider

Sustainability isn’t optional. That’s why we’re excited to announce $40 million in new funding led by Tiger Global Management with follow-on investments from and Greylock!

Last September, we announced our Series A to help brands build sustainable products. Since then, our data-rich marketplace and formulation tools have helped consumer brands bring thousands of products to market with more sustainable materials. We’re thrilled to see the real-world impact brands are making with Novi for consumers and the environment.

So what does this funding mean for building sustainable products and our users?

As consumers continue to demand greater transparency and accountability for the products they use, CPG businesses need to respond to shifting market trends. 

Novi is committed to helping brands navigate this shift by providing a marketplace of sustainable materials to sample and purchase as they build new products. Since raising our Series A, we’ve been hard at work making sure building a sustainable brand is accessible for everyone at any stage in their product development journey. 

Building sustainable products at any product development stage

Every brand is at a slightly different stage in its product development cycle. Some are in the research phase, comparing ingredients against claims and retailer standards, while others are looking for sustainable alternatives for packaging. 

Now, when signing into Novi, you’ll land on a new homepage with intuitive stages to select from depending on where you are in the product development process. To help streamline your product development, we’ve broken it down into three phases: Research, Discover, and Build.

Research 100+ claims and standards with Ingredient Screener 

Let’s say you're trying to expand into a new market and sell a new sunscreen at Sephora in Australia. Some questions may come to mind:

  • Do I need to change my packaging to sell the product in Australia? 
  • What if I need to reformulate it? 
  • How much time and money will this cost? 

These are the right questions to ask. But getting answers can be time-consuming and expensive–especially for smaller brands on a budget. Fortunately, our engineering and science team compiled, analyzed, and programmed all of the information you’ll need. Now, all you need to do is search on Ingredient Screener.

Ingredient Screener is a powerful tool that allows you to search our vetted database of ingredients and see how they compare against different claims and standards.

As you select different policies, Ingredient Screener analyzes and displays a status with details for each ingredient in real-time, keeping you on track for your product launch. You can also search materials by CAS number.

After searching, you’ll find a curated list of eligible materials from the marketplace that meet the claims and standards you selected. 

Don’t have a Novi account? We’re excited to announce our Ingredient Screener is now public and free to use! You’ll have the exact same experience but will need to create a free account to view more ingredient details and view the marketplace. 

Use the Ingredient Screener today to research and compare ingredients against 100+ sustainability claims and standards, like EWG Verified, Vegan, and Clean at Sephora.

Discover and sample sustainable materials and packaging on our marketplace

Sourcing sustainable materials with confidence is time-intensive and expensive. In addition to building more tools to help you build better products, we’re also expanding our marketplace of sustainable ingredients, fragrances, and packaging!

The marketplace is a catalog of pre-vetted materials with everything you need to build a sustainable product from end to end. Every item on the marketplace has been carefully curated and requires rigorous documentation collection and analysis from our platform before materials are available on the marketplace.  

There are many ways to navigate the marketplace: users can filter by policies, innovative ingredients, or even my MOQ size!

With up-front pricing and lower MOQs, brands can also take advantage of Novi’s indie brand financing for help. Cash flow flexibility is a huge challenge for brands as they bring new products to market, and we want to remove those barriers. 

Whether you know exactly what you’re looking for, or if you just want to browse the landscape of options, the Novi marketplace is your trusted source for finding pre-vetted materials using the criteria you care about most.

Build formulas to meet claims and standards you care about

If you’ve already done your research and discovered innovative ingredients on the marketplace, it’s time to build your formula. 

Formulation is the foundation of every product. On Novi, formulating products is a simple and instant process - no more confusion about requirements or waiting around for assessments against standards!

There are three different ways to upload a formula on Novi: 

1. Create a product from scratch - (No formula data needed) 

2. Copy and paste your ingredients 

3. Alternatively, upload a CSV 

After you upload your formula, Novi immediately analyzes the ingredients using the policies you selected and displays a status with an intelligent summary of relevant notes. To learn more about building formulas on Novi, watch our on-demand product webinar (13:07).

Whether you're building test formulas or collaborating with the marketing team to approve a formula, building a formula with other stakeholders has never been easier.  

No matter the stage, brands of all sizes now have access to tools that allow them to make procurement decisions about sustainability more efficiently and with confidence. Sign in or create a free account to instantly see if your formulas meet a policy and explore the marketplace.

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