Graz-based scrap metal trading marketplace Metaloop has raised €16 million to accelerate its growth and reduce carbon emissions. The investment was led by FirstMark Capital, with participation from Silence VC, Statkraft Ventures, and FJ Labs, TechCrunch informed.
- Founded in 2016, by Alexander Schlick and Jan Pannenbäcker, Metaloop was originally known as Schrott24, offers comprehensive support to industrial manufacturing companies by delivering a complete solution for managing their metal scrap. The company claims its software can ensure total transparency in all processes and pricing, seamlessly integrating operations across multiple locations into a unified global solution.
- Metaloop partners with multinational manufacturing firms, aiming to boost revenue from metal scrap and centralize pertinent data, thereby offering insight into volumes and prices across various locations. The company serves 600 clients and has a team of around 50, roughly half of which are based in its Austrian HQ.
“Closing this funding round supports our growth trajectory and contributes to making the analog market for metal recycling more digital, transparent, and efficient. I am glad we are not only striving to build an upcoming leader in our industry, but to also contribute from day one to the urgently needed decarbonization of our planet,”
Jan Pannenbäcker, co-founder of Metaloop commented the investment.
- The lead investor is FirstMark Capital, an early-stage venture capital firm based in New York City. US-based Silence VC, German Statkraft Ventures, and NY-based FJ Labs joined the round. Recently, Silence VC and FJ Labs co-led a €1 million investment for Polish-German startup Cardino.
