In a "Series-A" financing round led by New York-based technology investor FirstMark Capital, Metaloop, a Graz-based provider of metal recycling software solutions, has raised €16 million. This is said to be the largest financing for recycling technology in Europe.
Silence VC, an investor in climate technology, and the Düsseldorf investor Statkraft Ventures as well as the New York angel investor FJ Labs were also involved.
The company wants to use the new funds to drive forward its international growth. New specialists will also be hired in the areas of sales and operations. In addition, Metaloop wants to further expand its digital enterprise software platform by strengthening product and development teams.
“The completion of this financing round supports our growth strategy and helps make the analog market for metal recycling more digital, transparent and efficient. “I am pleased that we not only aim to become an emerging leader in our industry, but also contribute to the much-needed decarbonization of our planet from the start,” said Jan Pannenbäcker, co-founder of Metaloop.
With its software platform, Metaloop offers support to industrial companies by providing a complete solution to manage their metal scrap. This includes coordinating logistics, optimizing financing and access to steel scrap. According to the provider, the aim is to make the opaque scrap market more transparent and accessible.
Mainly, Metaloop works with multinational manufacturing companies to increase scrap metal revenue and centralize relevant data to provide insights into volumes and prices across different locations.