Felux, a Cleveland, OH-based online B2B marketplace and supply chain platform for the steel and other metals, raised $19 million in Series A funding. The round was led by EquipmentShare and joined by Signia Venture Partners, Suffolk Technologies, Expa, Lightbank, 8VC, and JumpStart Ventures among others.
The company intends to use the funds to accelerate its growth and product offerings, as well as its employee headcount in the coming months.
Company: Felux, Inc.
Round: Series A
Funding Month: June 2022
Lead Investors: EquipmentShare
Additional Investors: Signia Venture Partners, Suffolk Technologies, Expa, Lightbank, 8VC, and JumpStart Ventures
Company Website: https://www.felux.com/
Software Category: Supply Chain Platform
About the Company: Founded in 2019 by Dallas Hogensen, Chris Day, and Todd Leebow, Felux provides a platform that digitizes every element of the supply chain, allowing steel and metal buyers and sellers to source, procure, ship, and finance products with ease, in one end-to-end digital experience. The platform provides visibility across the entire industrial supply chain, through products and services that allow customers to share inventory through digital channels, and get access to freight and lane pricing in real-time. Felux currently offers three main products to its customers; a digital platform to help bring suppliers online and create a digital presence; a marketplace to buy and sell materials, and a materials and procurement platform to help large manufacturers manage quarterly and annual contracts. It also provides freight pricing and a full suite of financial tools to its customers.