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CLEVELAND, June 02, 2022--(BUSINESS WIRE)--Felux, the fastest growing online B2B marketplace and supply chain platform for steel and other metals, today announced it has raised a $19 million Series A to digitize commerce for the industrial supply chain. The round was led by EquipmentShare and joined by Signia Venture Partners, Suffolk Technologies, Expa, Lightbank, 8VC, and JumpStart Ventures among others.
Felux, a platform built by steel and technology experts, digitizes every element of the supply chain, allowing steel and metal buyers and sellers to source, procure, ship and finance products with ease, in one end-to-end digital experience. The platform provides much needed visibility across the entire industrial supply chain, through products and services that allow customers to share inventory through digital channels, and get access to freight and lane pricing in real time. The company has already expanded into aluminum and is planning to bring other adjacent markets onto the platform including copper, stainless steel and scrap metal.
The steel and metal market is one of the last remaining major industries to turn digital with more than 95% of transactions still offline and paper-based. Steel companies and manufacturers grapple with outdated quoting and negotiation processes and a lack of transparency on the movement of goods. The market opportunity of digitizing the industrial supply chain is significant: the US steel and aluminum market is worth approximately $385 billion annually. The global metals market was valued at more than $3.3 trillion in 2020, and is expected to grow at a rate of more than 6% annually to more than $4.6 trillion in 2025.
