Metal recycling software firm Metaloop is making a dent in the scrap metal recycling industry with its all-encompassing software solution, from matchmaking, logistics and recycling to financing and trade discovery.
The Austrian scrap metal marketplace, founded by Alexander Schlick and Jan Pannenbäcker, has just raised an oversubscribed Series A funding round of over €16 million. The funds will see the software firm source top talent to join its sales, recycling operations, product, data and development teams as it eyes further growth of its digital enterprise software platform.
The round was led by capital from the US as FirstMark Capital backed the metal recycling cause. The round also included participation by Silence VC and existing investors Statkraft Ventures and FJ Labs.
Joining the Metaloop board is FirstMark co-founder Rick Heitzmann, taking a seat alongside Alexander Küppers, MD at Statkraft Ventures. FirstMark Principal Derek Chu will serve as a board observer, next to Odette Yga from Statkraft Ventures.
“Based on our experience investing in leading global marketplaces, the most important characteristics of a great business are strong organic growth and best-in-class retention – a product that customers love. We see these rare qualities in Metaloop, and we look forward to partnering with them to build to global leadership,” says Haeitzmann.
"Our aspiration is to become the leading global service provider for metal scrap and closing the loop services. With FirstMark, we have found the ideal partner with the right mindset who shares this ambition with us and will continue to support us on our journey toward that goal,” says Schlick.
Lead image: via Metaloop. Photo: Uncredited.
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