Economy
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/media/k2/items/src/28fa747407b19e22a866cce064e43a36.jpg)
Reibus Secures $75 Million in Series B Funding
Written by Tim Triplett
November 30, 2021
Reibus, the independent metals marketplace, has raised $75 million in Series B funding led by SoftBank Vision Fund 2. With this investment, Reibus claims total funding in excess of $100 million and a valuation of $750 million.
The funding from SoftBank Vision Fund 2 adds to prior investment by Canaan Partners, Nosara Capital, Battery Ventures, Bowery Capital, Initialized Capital and FJ Labs.
This latest funding round comes as Reibus enjoys its third, and strongest, year with revenue up sevenfold over 2020, the company said.
“Industrial material such as steel and aluminum is a $2 trillion market globally, but remains highly fragmented, which can create supply-chain disruptions and price volatility,” said Andrew Straub, Investment Director at SoftBank Investor Advisers. “We believe Reibus is helping to solve this challenge with its independent, SaaS-enabled marketplace, which provides greater transparency and flexibility to buyers and sellers alike.”
Reibus plans to use the funds raised to grow the marketplace and use of mobile app tools, accelerate new financial and logistical products, and expand its European business with new teams and resources.
Founded in 2018, Reibus’ goal is to use its advanced technology and industry knowledge to revolutionize supply-chain efficiency by shortening lead-times, reducing inventory, and streamlining finance and freight services. “We’re excited to add SoftBank Investment Advisers to our team of world-class investors,” said John Armstrong, Reibus founder and CEO.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/2023/04/tim-triplett.jpeg)
Tim Triplett
Read more from Tim TriplettLatest in Economy
Metalformers expect steady conditions in coming months
Metalformers expect economic activity to stabilize over the next three months, according to the recently released July Business Conditions Report from the Precision Metalforming Association (PMA).
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/images/Featured_News_Icons/construction.png)
Architecture Billings Index rises from 4-year low in June
The Architecture Billings Index (ABI) ticked up in June following May’s four-year low, according to the American Institute of Architects (AIA) and Deltek. While the index improved this month, it continues to indicate weak business conditions among architecture firms.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/2023/07/FedRes.png)
Beige Book: Uncertainty to continue fueling slower economic growth
Growth in the US economy continues to be constrained. The Federal Reserve’s Beige Book report for July shows more areas reporting flat or declining economic activity than in its previous report at the end of May.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/images/Featured_News_Icons/AISI.png)
AISI, AISC, University of Massachusetts get ~$6.4M EPA grant
The American Iron and Steel Institute (AISI), American Institute of Steel Construction (AISC), and the University of Massachusetts at Amherst have received a grant to enhance emissions reporting for steel construction projects.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/2023/12/empire_state_1-scaled.jpg)
Manufacturing activity in New York state continues to soften
New York state saw a continued decline in manufacturing activity in July, according to the latest Empire State Manufacturing Survey from the Federal Reserve Bank of New York.