August 23, 2021

Felux Raises $5.1M in Seed Funding to Digitize the Steel Industry

Seed round led by Expa will help drive innovation giving the traditional, paper-based, $2 trillion steel industry access to a new way to buy and sell steel, seamless way to connect with new buyers and sellers, and manage their supply chain

Cleveland, O.H. – August 23, 2021Felux, the fastest growing B2B marketplace and supply chain platform for steel and industrial materials, today announced the company 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 to bring commerce and inventory online through a digital solution to manage supply chains, purchasing, procurement, financing, and logistics. Most industry inventory today lives in legacy systems, PDFs and paper documents significantly reducing suppliers’ ability to create a seamless purchasing experience with their customers. The Felux platform will offer buyers and suppliers the ability to connect directly with thousands of potential new customers, and provide technology to manage sourcing and procurement, facilitate logistics, financing, and payments for 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, steel mills, service centers, brokers and 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 tirelessly building tools for the industry to help suppliers and buyers get their inventory and catalogues 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. As a result, we are seeing more frequent transactions from our customers, suppliers getting larger margins on deals, and buyers finding new suppliers with better pricing even with the global supply chain crunch and rising steel prices the industry is facing,” said Dallas Hogensen, Co-Founder and CEO of Felux.

Supply chains in the steel industry are extremely complex and as a result, many suppliers and manufactures have been hesitant to adopt new technology because they are expensive, outdated, hard to use and lack the ability to integrate both payments, financing, and logistics into one platform. Traditionally, most of the industry has had to use email, fax and paper driven processes to handle the procurement, purchasing and payments of goods. Felux’s platform is free to buyers and alleviates the pain of sourcing, manages all correspondences, and allows users to price against several suppliers in real-time. It also allows suppliers to upload inventory directly to the marketplace via email, helping save time, money and get access to new customers.

“Compared to other industries, such as media and retail, digitization in the steel and metal industries is still lagging behind. But it also means that the first mover will gain a clear competitive advantage,” said Roberto Sanabria, Managing Partner, Expa. “Felux is at the forefront of truly changing the way one of the world’s most important industries does business. We are thrilled to partner with the Felux team and support their vision of deploying agile technology that supports large-scale digitization of a backbone industry.”

About Felux:

Headquartered in Cleveland, Ohio, Felux was founded in 2019 by Dallas Hogensen, CEO and Chris Day, COO to make commerce better for everyone in the industrial world. Today, Felux is the fastest growing B2B marketplace in the steel industry and has over 1,500 customer locations that cover 95% of the United States, with a presence in Canada and Mexico. Felux customers include Fortune 500 manufacturers, steel mills, and several of the top 50 steel service centers and processors by size. In both 2020 and 2021, Felux was recognized as one of the top technologies in the global metals space, by S&P Global Platts.

Felux is helping the steel industry digitize the supply chain by providing tools and software to help manage digital commerce, customer relationships, buyer and supplier discovery, logistics services and financing options all in one platform.

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