The Dusseldorf-based e-commerce platform for ferroalloys Metalshub, generated €100 million ($111m) of legally binding contracts concluded over the platform in 2019. This is around five times the volume traded in 2018, Kallanish learns from the company.
Metalshub was founded in late-2016 by former Anglo American executives Frank Jackel and Sebastian Kreft. In December last year, it completed therefore 24 months of platform operations. According to the company, more than 650 companies from 66 countries are using Metalshub to buy and sell 17 product categories, such as molybdenum, manganese or chrome. The company also expanded its staff from ten to twenty-four during 2019.
While the majority of the 369 companies using the platform are European, the share of Asian companies has grown considerably to 150. In 2018, Chromo Invest and Point Nine along with a number of business angels had invested €3m in Metalshub’s seed financing round.