Felux, a fast-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 was founded in 2019 with the goal of creating a platform that would help bring the steel industry online. Most inventory today lives in legacy systems, pdfs and paper documents, significantly reducing the supplier's ability to create a seamless purchasing experience with their customers. As a result, companies must contend with low visibility into pricing, inventory levels and rely on past customer relationships creating large price disparities in 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.