E-commerce platform Metalshub raises $11m funding

Metalshub, the digital trading platform for metals, has completed a financing round that has netted $11 million, Kallanish learns from the Düsseldorf-based company.

The round was led by growth venture capital firm 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 intends to expand beyond Europe and targets a revenue of $1 billion by the end of 2021.

Metalshub claims that so far 1,100 companies have participated in activity on the platform, reaching more than $750 million in trade since its launch in 2017. The investment follows a quantum leap year in which turnover increased fivefold and in which it published its first price indices. Steelmakers Outokumpu, Saarstahl, Dillinger and Swiss Steel have in recent months moved their raw materials purchasing onto the platform.

Christian Koehl Germany