London-based startup, Worldover, has recently secured $3.8 million in funding to revolutionize the compliance process involved in launching new products globally. The platform aims to simplify the complex and ever-changing world of regulatory compliance, starting with the cosmetic industry. With a vision to expand beyond cosmetics, Worldover plans to assist companies in launching any physical product in any market.
Key Takeaway
London-based startup Worldover has secured $3.8 million in funding to simplify the compliance process for launching new products globally, starting with the cosmetics industry. The platform acts as a single source of truth, aggregating important compliance data and automating regulatory documentation. Worldover aims to expand its services to assist companies in launching any physical product in any market, streamlining compliance processes and reducing costs associated with consultancy fees or extensive in-house teams.
Streamlining Compliance in the Cosmetic Industry
Worldover addresses the challenges faced by manufacturers and cosmetics brands due to varying regulations across different countries. By consolidating vital compliance data onto a single platform, Worldover aims to become the go-to source of accurate and up-to-date information. Manufacturers and brands can input their products and request suppliers to provide raw material data. The platform then enables them to assess formulations against specific requirements, such as COSMOS certification, and store multiple versions for product variants.
Automating Regulatory Documentation and Changes
With Worldover, manufacturers can generate regulatory documents such as cosmetic product safety reports (CPSR) and product information files (PIF) automatically, saving time and eliminating potential errors. The platform also keeps users informed about global cosmetics regulation changes, sending alerts when ingredient restrictions could affect their products.
Expanding Beyond Cosmetics
While initially focusing on cosmetics, Worldover recognizes the potential for broader application in other industries. The compliance challenges faced by companies launching physical goods in multiple markets are prevalent across sectors like toys and battery-powered electronics. By automating data extraction and simplifying compliance processes, Worldover hopes to help companies reduce costs associated with consultancy fees or extensive in-house compliance teams.
