Vanilla Steel Raises Funds to Build Secondary Market in Metals
Berlin based marketplace for industrial materials Vanilla Steel has raised USD 4 million in seed funding led by June Fund and backed by existing investors such as Seedcamp and Mustard Seed Maze. With this new funding Vanilla Steel is going to recruit new talents to support growth, expand to new geographies and invest in new product functionalities. The steel sector is a USD 330 billionn market in EM ENA that is in high need of digital transformation. The COVID crisis has further accelerated the need for digital tools in this traditional industry.
Launched in 2020, Vanilla Steel is building a secondary market for excess steel, material that is in overstock and has no direct customer attached to it. Vanilla Steel facilitates transactions, enables smart matchmaking, removes manual and tedious tasks with automation and saves time by reducing the negotiation period. Through weekly online auctions, steel suppliers can find the right buyers in a competitive bidding process. Vanilla Steel is already present in 50 countries with more than 100 steel suppliers who have listed 90.000 tons of steel during its first year of operation.