Zug-based metal commodity trading platform Open Mineral has raised $33 million in a Series C funding round. The funding is expected to accelerate the platform's continued growth and solidify its market position in digitising raw metal material trading. Since its founding in 2017, Open Mineral has raised just shy of $41 million in capital.
Similar in appearance to Metalshub and Vanilla Steel, Open Mineral is looking to tackle the $200 billion global metal raw commodities space and its reliance on paper-based trading, and, maybe take on a few climate crisis issues in the process.
With over 900 metals and mining companies from around the world registered on the platform, Open Mineral is using a series of proprietary pricing algorithms to push more values through the entire commodity supply chain.
And it’s not just a pure commercial play here, as Open Mineral has not only developed a series of market intelligence tools for customers to utilise, but is also working with third-party suppliers to incorporate environmental, social, and governance (ESG) metrics for both the buy and sell side of the process. Ultimately, this culminates in the concentration of the movements of commodities, and thus, a reduction in the overall environmental impact of the process.
“The metal trading industry’s future is in digital data and analytics enabling market participants to communicate faster and make quicker, and more data-driven decisions,” comments CEO and co-founder Boris Eykher. “Just as eBay revolutionised retail purchasing by bringing more choices to buyers and sellers, we aim to do the same for physical commodity producers in a curated, trusted environment of the Open Mineral platform. Our goal is to give end-to-end service, more information, transparency, and fair market terms to miners and smelters so they can make better decisions and ultimately become more profitable.”
Open Mineral’s Series C round was led by Mubadala and saw the participation of new investors Statkraft and Lingfeng Capital as well as existing investors Xploration Capital and Emerald Technology Ventures.