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

ISM September survey captures deepening manufacturing gloom
The Institute for Supply Management’s (ISM) latest monthly report on manufacturing reflects a bleak view of American industry in September.

Key industries concerned over government shutdown’s impact on steel, manufacturing
Trade groups cautioned that a prolonged shutdown could strain US industry.

Chicago Business Barometer catches cold winds of contraction in September
The Chicago Business Barometer's September reading indicates a softening in overall business activity in the Midwest for the third consecutive month, with new orders and backlogs retreating further.

Metalforming market sentiment takes a dive in September: PMA
Metalforming manufacturers anticipate a decrease in near-term conditions, according to the Precision Metalforming Association's (PMA) Business Conditions Report for September.

AIA: Architecture firms still under pressure
Architecture firms reported a modest improvement in billings through August, yet business conditions remained soft, according to the latest Architecture Billings Index (ABI) release from the American Institute of Architects (AIA) and Deltek.