Zug-based commodities trading platform Open Mineral makes it easy to competitively buy and sell metal concentrates. The startup has raised a €4.8 million Series B round led by Emerald Technology Ventures alongside existing shareholders, including Igor Kim of Xploration Capital, and Goldcorp, a Vancouver-based mining company.
Founded in 2017, Open Mineral’s cloud-based exchange platform connects buyers and sellers to trade physical commodities more directly and transparently. The startup uses analytical tools to streamline contract negotiations and execution, thereby increasing efficiency and profitability for the participants. The platform also offers access to additional services to facilitate the trading of commodities, including freight, surveying, financing and insurance. The company currently covers the zinc, lead, copper, gold and silver concentrate markets.
The investment fits in perfectly with Emerald’s strategy to bring modern technology into industrial sectors that are considered “under-digitized”.
Hans Dellenbach, Partner at Emerald, commented: “Open Mineral attracted us for several reasons. The team is extremely knowledgeable about the sector, the technology promises to transform an entire industry, and commercial traction is strong. As a first mover in this space, the company can become the leading marketplace for copper, zinc and lead concentrates, with an addressable market size on the order of $50 billion.”
Boris Eykher, CEO and Co-Founder of Open Mineral, said: “This financing round is an important milestone for Open Mineral, because it allows us to rapidly expand the utility and reach of the Open Mineral Exchange platform. We are proud to welcome Emerald Technology Ventures as an investor, given their strong network within the industrial technology space.”