Felux Raises $19M in Collection A Funding

Felux, a Cleveland, OH-based on-line B2B market and provide chain platform for metal and different metals, raised $19m in Collection A funding.

The spherical was led by EquipmentShare and joined by Signia Enterprise Companions, Suffolk Applied sciences, Expa, Lightbank, 8VC, and JumpStart Ventures amongst others.

The corporate intends to make use of the funds to speed up its development and product choices, in addition to its worker headcount within the coming months.

Based in 2019 by Dallas Hogensen, Chris Day and Todd Leebow, Felux offers a platform that digitizes each aspect of the availability chain, permitting metal and steel patrons and sellers to supply, procure, ship and finance merchandise with ease, in a single end-to-end digital expertise. The platform offers visibility throughout the complete industrial provide chain, by way of services that enable prospects to share stock by way of digital channels, and get entry to freight and lane pricing in actual time. Felux presently presents three important merchandise to its prospects; a digital platform to assist carry suppliers on-line and create a digital presence; a market to purchase and promote supplies; and a supplies and procurement platform to assist giant producers handle quarterly and annual contracts. It additionally offers freight pricing and a full suite of economic instruments to its prospects.

The corporate has already expanded into aluminum and is planning to carry different adjoining markets onto the platform together with copper, stainless-steel and scrap steel.

Felix has raised a complete of $24 million within the final 10 months and has skilled speedy development, facilitating $454 million of transactions on the platform in 2021, up from $64.9 million in 2020. The platform has 1,000 prospects throughout 1,700 places, together with a number of Fortune 500 producers, in addition to metal mills and repair facilities throughout the US, Canada and Mexico.

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