Metal industry digital trading and price intelligence platform Metalshub has raised $11 million in a Series A round in their move to kill email and spreadsheet commercial trading for good.
The funding will be used to push Metalshub’s influence beyond European borders, as the firm is targeting $1 billion in gross merchandise value by the end of this year.
“Metalshub has created the first digital procurement tool and consumer-grade marketplace for raw metals. We have been deeply impressed by the team’s unparalleled industry expertise and ability to onboard key industry players to the platform, putting Metalshub in a great position to become the global category leader,” comments Acton Capital principal Julius Luehr.
Founded in 2016 by Dr. Frank Jackel and Dr. Sebastian Kreft, Metalshub is a digital solution to the centuries-old method of buying and trading metals, the backbone of many industrial supply chains. To level the playing field, Metalshub created and published the first transaction-based price-based intelligence services.
“In the 21st century, price indices must be based on real transactions. We are proud that we are providing the first transaction-based price indices for many products like ferrochrome, ferrovanadium, and ferrosilicon” says Kreft.
In addition to modernising an ancient method, Metalshub is, at the same time, contributing to addressing the goals of the Paris Agreement. The steel industry contributes approximately 10% of the world’s CO2 emissions, with little to no accountability in the supply chain. Metalshub’s transparency in the chain accounts for this.
“An increasing number of customers work with us on reaching their sustainability goals, increasing supply chain and market transparency and integrating innovative trade finance solutions to fully digitise their trading process,” comments Jackel.