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
Chicago Business Barometer falls back in April, remains in contraction
The Chicago Business Barometer declined in April, reversing March’s gains, according to Market News International (MNI) and the Institute for Supply Management (ISM).
Fewer manufacturers optimistic about the economy
PMA’s April report shows that only 16% of surveyed manufacturers anticipate an increase in economic activity in the next three months (down from 23% in March)
Architecture billings continue to slide in March
Architecture firms said billings continued to decline in March, according to the latest Architecture Billings Index (ABI) released by the American Institute of Architects (AIA) and Deltek.
Beige Book shows concerns about trade policy
Manufacturing was mixed, but two-thirds of districts said activity was little changed or had declined.
New York state manufacturing index drops again in April
Firms were pessimistic, with the future general business conditions index falling to its second lowest reading in the more than 20-year history of the survey