Metaloop, one of the largest European vertical software solutions for the metal recycling industry, founded in 2022 has successfully closed an oversubscribed Series A financing. The round was led by New York-based technology investor FirstMark Capital, totalling over €16 million Euros with participation from Silence VC and existing investors Statkraft Ventures and FJ Labs.
The funding infusion will drive Metaloop’s strategic international growth, prioritizing the expansion of its workforce with top-tier professionals in sales and operations within the metal recycling sector. Simultaneously, the company will bolster its product, data, and development teams to further grow its digital enterprise software platform.
Jan Pannenbäcker, Co-Founder of Metaloop, stated: “Closing this funding round supports our growth trajectory and contributes to making the analogue market for metal recycling more digital, transparent, and efficient. I am glad we are not only striving to build an upcoming leader in our industry but also to contribute from day one to the urgently needed decarbonisation of our planet.”
The Austrian startup offers comprehensive support to industrial manufacturing companies by delivering a complete solution for managing their metal scrap. This not only enhances profits for sellers but also efficiently handles the intricacies of logistics and financing. Additionally, the company equips sellers with advanced software that ensures total transparency in all processes and pricing, seamlessly integrating operations across multiple locations into a unified global solution. Behind the scenes, the company operates a cutting-edge tech platform to meticulously coordinate logistics, optimize financing options, and grant smelters access to the increasingly scarce secondary raw materials supply. Metaloop primarily collaborates with multinational manufacturing firms, aiming to boost revenue from metal scrap and centralize pertinent data, thereby offering insight into volumes and prices across various locations.
Alexander Schlick, Co-Founder of Metaloop stated: “Our aspiration is to become the leading global service provider for metal scrap and closing the loop services. With FirstMark, we have found the ideal partner with the right mindset who shares this ambition with us and will continue to support us on our journey toward that goal.”
The global Metal Industry is worth over $4T and continues to grow 5% annually, enabling manufacturers around the globe to build everything from cars to buildings. Millions of tons of frequently used metals like steel, aluminium or copper are mined from the ground (primary) or recycled (secondary) to meet growing demand. Scrap metal (the metal produced from manufacturing processes and a $600B Market globally) can be recycled, conserves natural resources, reduces energy consumption, minimizes pollution from mining virgin metals, and reduces production costs. Metaloop is doing its part: scrap is more carbon-efficient than primary metal, up to 95% less energy-intensive, and infinitely recyclable. By promoting the reuse and recycling of metals, we can both conserve valuable resources and significantly reduce the carbon footprint of metal production.
Read the orginal article: https://www.eu-startups.com/2023/09/graz-based-metaloop-raised-e16-million-to-accelerate-their-growth-reduce-carbon-emissions/
