The funding will help Felux enter into new global and product markets. Here are the top-line bullets you need to know.
Felux, a B2B metal marketplace, has raised $19M in a Series A. The round drew participation from 8VC, EquipmentShare, Expa, JumpStart Ventures, Lightbank, Signia Venture Partners, and Suffolk Technologies.
Total supply chain funding remains elevated in Q1’22. Get the report to learn more.the state of Supply Chain & Logistics Tech q1 2022
HOW’S THE COMPANY PERFORMING?
- Ohio-based Felux is a digital marketplace for the metals industry that allows users to connect with one another and gain visibility across the industrial supply chain.
- It oversaw $454M worth of transactions in 2021, up from nearly $65M in 2020.
- The company has about 1K customers across 1.7K locations in the US, Canada, and Mexico.
- The startup is headquartered in Cleveland, Ohio.
Source: Felux
WHY DOES THE MARKET MATTER?
- The global metals market is expected to reach a value of $4.6T by 2025, growing at a CAGR of over 6%, according to Felux.
- The steel and metal market has been slow to digitize — in fact, 95% of transactions in the space are conducted offline. As a result, companies are regularly dealing with outdated quotes and negotiation processes as well as low supply chain visibility.
- Covid-19 has accelerated the adoption of solutions designed to facilitate paperless transactions.
