Economy
Felux Raises $5.1 Million in Seed Funding for B2B Marketplace
Written by Brett Linton
August 23, 2021
Felux has raised $5.1 million in seed funding for its B2B marketplace and supply chain logistics platform, according to a press release dated Aug. 23.
Felux aims to transform the steel industry by bringing commerce and inventory online for a digital solution to manage supply chains. The Felux platform allows users to connect directly with thousands of potential customers, as well as providing technology to manage sourcing and procurement, and facilitate logistics, financing and payments.
Felux is experiencing a period of rapid growth and utilization; in the past 12 months it has facilitated more than $90 million in transactions. The Felux platform has over 1,500 customer locations that cover 95% of the United States, with a presence in Canada and Mexico, the company said.
“The era of digitization in the steel industry has arrived. Over the last 12 months we have been working 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 are getting larger margins on deals and buyers are finding new suppliers with better pricing even with the global supply chain crunch and rising steel prices that the industry is facing,” said Dallas Hogensen, co-founder and CEO of Felux.
Felux was founded in 2019 by Hogensen along with COO Chris Day and Chairman Todd Lebow. Headquartered in Cleveland, Ohio, Felux customers include Fortune 500 manufacturers, steel mills, and several of the top 50 steel service centers and processors.
Brett Linton
Read more from Brett LintonLatest in Economy
Manufacturing in New York state contracts again
However, companies are growing more optimistic about the future.
ArcelorMittal plans wire-drawing closure in Hamilton, shifts production to Montreal
ArcelorMittal’s (AM) Hamilton location to be shuttered, wire production shifting to Montreal.
Beige Book finds growing economic, policy uncertainty
All districts reported "hesitancy and a cautious approach to business and household decisions,” according to the Beige Book.
ISM: Manufacturing continues to contract in May
May marks the third consecutive month US manufacturing activity declined, according to supply executives contributing to the Institute for Supply Management (ISM)’s latest report.
Chicago PMI decreases 4.1 points in May
The Chicago Business Barometer reports that decreases in new orders, order backlogs, and softer production pulled the index down by 4.1-points to 40.5, in May.