Metaloop, a Graz-based provider of metal recycling software solutions, has raised €16 million in a “Series-A” financing round led by New York-based technology investor FirstMark Capital. This is said to be the largest financing for recycling technology in Europe.
The company plans to use the new funds to drive its international growth. It also plans to hire new sales and operations professionals. Metaloop also plans to further expand its digital enterprise software platform by strengthening product and development teams.
Jan Pannenbäcker, co-founder of Metaloop, explained, “The closing of this financing round supports our growth strategy and helps to make the analog market for metal recycling more digital, transparent and efficient. I am pleased that we are not only aiming to become an emerging leader in our industry, but also contributing to the much-needed decarbonization of our planet from the start.”
Also participating were Silence VC, investor in climate technology, and Düsseldorf-based investor Statkraft Ventures and New York-based angel investor FJ Labs.
Metaloop activity
Metaloop’s software platform provides support to industrial companies by delivering a complete solution for managing their metal scrap. This includes coordinating logistics, optimizing financing and accessing steel scrap. The concern, according to the vendor, is to make the opaque scrap market more transparent and accessible. Worldwide, scrap has a market worth $600 billion.
Metaloop works primarily with multinational manufacturing companies to increase sales from scrap metal and centralize relevant data to offer insights into volumes and prices across multiple locations.
Rick Heitzmann joins Metaloop’s Board Member, along with the company’s founders and Alexander Küppers, Managing Director at Statkraft Ventures. Derek Chu, Principal at FirstMark, will serve as an observer on the Board, alongside Odette Yga of Statkraft Ventures.
