METYCLE, a digital platform for international secondary metal trade co-founded by Rafael Suchan and Sebastian Brenner, announced the successful closure of its €4.7 million seed funding round, led by Project A with the participation of Partech, existing investors Market One Capital and Dutch Founders Fund (DFF), and renowned industry angel investors such an Anne-Marie Großmann (GMH Group), Gisbert Rühl (ex-CEO of Klöckner & Co.), Christoph Cordes (Flink), and Philipp Andernach (Antunnacum).
The production of primary metals causes huge amounts of CO2 emissions, amounting to more than 3.6 billion tons (or more than 10% of total direct CO2 emissions) per year worldwide. By using scrap metals which recycle infinitely, CO2 emissions can be reduced by more than 60% without any loss of quality. However, the trade in secondary metals is global, highly fragmented, intransparent and characterized by low levels of trust.
To address this, METYCLE has created a digitalized and efficient marketplace to facilitate the trading of these materials. The company’s platform allows buyers and sellers to trade any metals and mixed metals, from steel to aluminum to copper and other non-ferrous metals. Founded in 2022, METYCLE digitizes the path to more recycling, helping to collect and reuse materials, reducing the need to mine primary raw materials.
“Metal recycles forever without quality loss. It’s a key reusable commodity for infrastructure and investment goods production and the key material for the green energy transition towards a carbon neutral world,” said Rafael Suchan, Co-Founder of METYCLE.
“We want to make sure that the highest amount of metals possible are recycled properly, safely, and beneficial to the environment. With METYCLE we aim to be the world’s most efficient and trusted marketplace for secondary metals,” added Sebastian Brenner, METYCLE’s second Co-Founder.
Rafael (based in Beijing, China) and Sebastian (based in Cologne, Germany) uniquely combine deep industry understanding and insight with B2B online marketplace experience and an unmatched international setup and experience.
For suppliers, METYCLE is a trusted, German-based partner that takes the hassle out of negotiating, monitoring payment and logistics flows when selling metals. Currently, METYCLE sources material across Europe, but is expanding to source from North America at the moment. For buyers, the marketplace provides access to the highest quality material, payment options and terms. METYCLE also conducts quality control and takes care of the shipping process which the parties can track live.
METYCLE is tapping into the more than US$600 billion global market for secondary post-consumer metals. The company will use the new capital to accelerate go-to-market, expand into new geographies, and develop technology and AI-based enhanced quality control measures critical to the secondary metals industry.
“We are incredibly excited to support the team behind METYCLE, as they possess the industry experience that we deem crucial for unlocking this immense opportunity within the metal recycling industry. The team’s remarkable progress within a short period serves as a true testament to their exceptional execution capabilities,” adds Philipp Werner, Partner at Project A.
“We’re thrilled to be partnering with METYCLE to help make transactions simpler and more secure for their customers, helping to facilitate more efficient trading of secondary metals,” added Max Schertel, Co-Founder at finmid. “By combining finmid technology with METYCLE ambition to digitize the metal recycling industry, together we are improving transparency and trust in trade within the industry globally”.
Read the orginal article: https://www.eu-startups.com/2023/12/cologne-based-metal-trading-platform-metycle-raises-e4-7-million-to-digitalise-metal-recycling/
