Metalshub, the metal industry’s first digital trading and price intelligence platform, has raised a 11 million USD Series A financing round led by international growth VC Acton Capital with participation from existing investors Point Nine, Chromo Invest and several business angels. Using the fresh capital and the strong momentum of a record year, Metalshub will expand beyond Europe and targets $1bn GMV by the end of 2021.
Dr. Sebastian Kreft, Co-founder Metalshub: “2020 exceeded our expectations. During the last 12 months, digital adoption has taken a quantum leap in the metal industry.” Also benefiting from trends like the rally on steel mill raw materials, the Metalshub platform has experienced soaring demand. “With the fresh capital we will be able to use this strong momentum to expand beyond Europe. We are expecting to reach the next big milestone of $1bn GMV by the end of 2021.”
With over 1100 onboarded companies and more than $750 M traded volume over the platform since its launch in 2017, Metalshub has established the most liquid digital ecosystem in the metals raw-materials trading space. The investment follows a record year in which their turnover has increased fivefold and where Metalshub has published its first price indices. Large enterprise customers like Outokumpu, Saarstahl, Dillinger and Swiss Steel Group have moved their raw materials purchasing onto the Metalshub platform, highlighting the need for an industry specific purchasing and supply chain solution.
MMetalshub published the first transaction-based price intelligence services in the industry, a giant leap towards supply chain transparency. “In the 21st century, price indices must be based on real transactions. We are proud that we are providing the first transactions-based price indices for many products like ferrochrome, ferrovanadium and ferrosilicon” says Dr. Sebastian Kreft, founder and managing director of Metalshub.