Felux, the fastest growing B2B marketplace and supply chain platform for the steel and industrial industry, has raised $5.1m in seed funding led by Expa, with participation from 8VC and Lightbank
Felux aims to transform the traditional offline, trillion-dollar steel industry by helping bring commerce and inventory online, so the industry has a digital solution to manage their supply chains, purchasing, procurement and logistics. The Felux platform offers the ability for both buyers and suppliers to connect directly with thousands of potential new customers, provides technology to manage both sourcing and procurement, facilitates logistics, financing and payments to both sides of the market.
Felux is currently experiencing a period of rapid growth and utilization. In the past 12 months, it has facilitated more than $90 million in transactions. The platform now has over 1,500 customer locations ranging from fortune 500 companies, mills, service centers, brokers & traders, and manufacturers located throughout the United States, Canada and Mexico.
“The era of digitization in the steel industry has arrived. Over the last 12 months, we have been working tirelessly building tools for the industry to help suppliers and buyers get their inventory and catalogs online, manage logistics and get access to best-in-class financing rates. Because of this, we have been able to create a consumer-like purchasing process for an extremely complex transaction and offline industry,” said Dallas Hogensen, Co-Founder and CEO of Felux. “As a result, we are seeing more frequent transactions from our customers, suppliers are getting larger margins on deals and buyers are finding new suppliers with better pricing even with the global supply chain crunch and rising steel prices that the industry is facing.”