Felux Secures $19 Million in Series A Funding | Clevelandbased Felux b2b Series
In a significant stride towards revolutionizing the steel and metal industry, Felux, an online B2B marketplace and supply chain platform headquartered in Cleveland, OH, has successfully raised $19 million in its Series A funding round.
Fueling Growth and Innovation
Led by EquipmentShare, the funding round witnessed participation from notable investors such as Signia Venture Partners, Suffolk Technologies, Expa, Lightbank, 8VC, and JumpStart Ventures, showcasing a strong vote of confidence in Felux’s potential. The injection of funds positions Felux to accelerate its growth trajectory, enhance product offerings, and bolster its employee base in the coming months.
Pioneering Digital Transformation
Founded in 2019 by visionaries Dallas Hogensen, Chris Day, and Todd Leebow, Felux stands at the forefront of digital transformation within the supply chain. The platform offers a seamless, end-to-end digital experience, effectively digitizing every facet of the supply chain for steel and other metals.
Streamlining Procurement Processes
Felux’s innovative platform empowers buyers and sellers in the steel and metal industry to seamlessly source, procure, ship, and finance products. By providing comprehensive visibility across the entire industrial supply chain, Felux enables users to navigate these processes with unprecedented ease.
Three Pillars of Innovation
The platform boasts three core products catering to diverse needs:
- Digital Presence: A digital platform designed to bring suppliers online and establish a robust digital presence.
- Marketplace Dynamics: An online marketplace facilitating the buying and selling of materials.
- Procurement Excellence: A materials and procurement platform catering to large manufacturers managing quarterly and annual contracts.
Comprehensive Services
Beyond these, Felux extends its services to include:
- Inventory Sharing: Enabling customers to share inventory through digital channels.
- Real-time Pricing: Providing access to freight and lane pricing in real time.
- Financial Tools: Offering a suite of financial tools to streamline transactions.
Expanding Horizons
Having already made inroads into the aluminum market, Felux has ambitious plans to integrate additional markets onto its platform. The upcoming expansions will include copper, stainless steel, and scrap metal, further solidifying its position as an industry disruptor.
Exponential Growth and Success
Felux’s fundraising success extends beyond this Series A round, bringing its total capital raised to an impressive $24 million within the last 10 months. The platform’s rapid growth is underscored by the facilitation of $454 million in transactions during 2021, a remarkable leap from $64.9 million in the preceding year.
A Network of Industry Pioneers
With 1,000 customers spread across 1,700 locations, Felux has successfully penetrated diverse markets. Its clientele includes Fortune 500 manufacturers, steel mills, and service centers spanning the United States, Canada, and Mexico.
In conclusion, Felux’s recent funding triumph and rapid growth underscore its pivotal role in reshaping how transactions unfold in the steel and metal industry. As it continues to expand its footprint and introduce new functionalities, Felux stands poised at the forefront of innovation, offering a transformative digital experience for all stakeholders in the industrial supply chain.