METYCLE, a Cologne, Germany-based marketplace for international secondary metal trade, has announced a successful seed funding round, securing $5 million (approximately €4.7 million).
The funding round was led by Project A, with participation from Partech, Market One Capital, the Dutch Founders Fund (DFF), and several renowned industry angel investors.
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Revolutionizing the Metal Recycling Industry
Founded in 2022 by Rafael Suchan and Sebastian Brenner, METYCLE is a managed marketplace designed to trade secondary metals internationally. The platform allows buyers and sellers to trade various metals, from steel to aluminum to copper and other non-ferrous metals. METYCLE digitizes the path to more recycling, helping to collect and reuse materials, thereby reducing the need to mine primary raw materials.
METYCLE’s Mission and Technology
The company’s mission is to ensure that the highest amount of metals possible are recycled properly, safely, and beneficially for the environment. The company’s technology is focused on streamlining the trade of secondary metals globally, which is currently highly fragmented, intransparent, and characterized by low levels of trust.
Use of Funds
The German company aims to enter the $600 billion global market for secondary post-consumer metals. The funds will be used to accelerate go-to-market strategies, expand into new geographies, and develop technology and AI-based enhanced quality control measures critical to the secondary metals industry.
The Investor: Project A
Project A, an early-stage tech investor in Europe, led the funding round. With over $1 billion assets under management, Project A supports its portfolio companies with a team of over 140 functional experts in various domains. The VC has backed over 100 startups, including notable names in different industries.
METYCLE’s Partnerships and Services
The german firm has also signed a partnership with finmid for trade financing. The marketplace provides buyers access to the highest quality material, payment options, and terms. METYCLE conducts quality control and handles the shipping process, which the parties can track live.
Pioneering in Metal Recycling
METYCLE’s funding round marks a significant step in revolutionizing the metal recycling industry. With its innovative platform and strategic expansion plans, METYCLE is well-positioned to become a key player in the global secondary metals market, promoting sustainability and efficiency in metal trading.
