Who would have thought a little more than five years ago that a web of flower bouquets at home would give so much to talk about. It was the moment when the e-commerce of all kinds began to germinate. Now, in 2022, some of them have passed away, but others have succeeded. Colvin is already in the panorama of the most successful companies in the sector. With a pandemic in tow, the months of confinement were a breath of fresh air. Now that the company has just announced its landing in France through the purchase of Monsieur Maguerite, the startup of bouquets of flowers moves to the moment of the consolidation.
The accounts at the end of 2021 are not ready yet, at the moment they only offer the consolidated results of 2020. 15 million billing that they plan to increase for the billing of the new course.
Despite everything, Colvin’s data from last year is good. It was the year in which they achieved their largest round of financing: 45 million euros from a French fund. An operation that aimed to finance the expansion in Europe. One that ended with the purchase of its French pair.
We spoke with Andrés Cester about Colvin’s balance sheet for 2021 and what awaits the bouquet company this year.
For the time being, the consolidation of Colvin’s clients
Grow organically or by entering through the front door through acquisitions. Colvin has tested both models to date. In Italy or Portugal, the organic model has brought great success to the company. For France, one of the main flower markets with a long tradition behind it, the idea came from another side. And for a very simple reason: France is very passionate about its local brands. It made sense to start strong.
“We met Monsieur Maguerite 6 months ago and realized that we shared ambition and approach to work. It seemed like we were going to be able to work very well with them. It made sense to join forces and that’s how it turned out.”
For the time being, and they intend to keep it that way over time, the brands will remain independent under the same management. Again, the preference for local brands explains the strategic decision. Nor will they share raw material. Monsieur Maguerite takes the concept of local flowers to the extreme. They only sell local and seasonal products while supplies last. the spanish firm refuses, at least for now, to export the French company’s products or even offer non-French raw materials to the demanding Gallic client.
All in all, Colvin’s objective is, for now, to establish itself in the five markets in which it already operates and allow users to grow throughout 2022. All under its intention of becoming the largest online sales website in Europe.
“It is time to water and take care of what we have built over the years in a more sustainable way. To start taking this business towards adulthood, to consolidate what we have built since we started at my mother’s house.”
Andrew Cester
No more verticals or financing rounds, for now
“In the short term we are going to say no,” says Cester. Which does not mean that they are not in contact with them. After the entry of 45 million, Colvin has been put in the target of investors. Mainly international. At the moment they are kept on standby. Picking up the phone when they call, but without any closure according to the table. Now, this is the forecast for a short space of time and 2022 will still have to see how it turns out for the online flower bouquet company.
There are also no intentions to continue expanding the business verticals that directly contact users. After the bouquets of fresh flowers and dried flowers, Colvin Jungle closed the circle of home plants. The live-plant trend, an invasion of homes since the pandemic, has also taken the bouquet business by storm. “It is a sector that works much better than it did a few years ago,” explains Cester, “and where we still have a lot of room to grow.” Also to compete with Monstera or HomyJungle, leaders right now in this ecosystem.
With the idea of investigating the popup store sector, in order to approach physical commerce in the same way that Singularu, Hawkers or Pompeii did, his to-do list does not foresee major changes for this year. And much less in terms of geographical expansions.
The B2B, where is the real margin of Colvin
Behind the façade of bouquets, Colvin hides the real monster: the giant of the plant business that he may become. B2B, less flashy but more profitable, is right now the company’s obsession. If for the client sector there are no major movements planned, the professional sector cannot say the same. It is the engine that moves the firm right now.
“The B2B business is the new engine of growth, we are transferring the theses of digitization to the world of professionals. It has worked very well in Spain and there we do have international expansion plans”.
Andrew Cester
Without determining which regions they have in their portfolio, they assume that bringing digitization to professionals is much more scalable than that of clients. “The French private client is different from the Italian, the same with the Portuguese. While the florists of the countries, although they buy differently, work the same“, he analyzes. With businesses, intermediaries and producers with the same problems at an international level, Colvin has seen the growth vein for the coming years.
An ecosystem in which “you still have to work hard”
Although it is true that the answer is still no to those who try to seduce Colvin after the success of these last two years, the startup has noticed a trend that is repeated throughout the ecosystem south of the Pyrenees: foreign money. “There are a lot of American investors in Europe that when you are looking for money you have to start turning to them,” says Cester.
In 2021 alone, the investment of funds –mainly European and North American– accounted for the bulk of national operations. Almost double what the national funds invested in national talent.
Idealista, Wallapop, Jobandtalent, Travelperk, Glovo, Capchase, UserZoom, Belvo, Lingokids or Impress, most of them unicorns at the end of the course, achieved their mega-rounds thanks to intensive foreign capital.
All in all, Cester is “super optimistic about the evolution of the ecosystem.” And it is not for less, according to data from The Referent, Spain already has 9 unicorns and 20 that are on their way to becoming one in the next two years. And with the case of Traverlperk on the table -the first unicorn of 2022-, which was born almost at the same time as Colvin, it points to the possibilities that open up 5 years from now. “The ecosystem is growing and in the last two months there have been many movements, imagine where we can be if we work hard.” With emphasis, by the way, on working hard.