Supply chain platform Metalbook secures $15M in Series A funding round led by Rigel Capital

Metalbook, a digital platform catering to the global metals supply chain, has secured $15 million in a Series A funding round led by Rigel Capital. Venture fund FJ Labs and current investors, including Axilor Ventures, Foundamental, Stride Ventures, and Trifecta Capital, also joined the funding round.

The startup intends to deploy the funds towards new verticals, enhancing technological infrastructure, and extending its worldwide network of processing centres.

“They (Metalbook) have emerged into one of the fastest-growing marketplace businesses in the world. We are glad to double down on this round as they continue to build out their global footprint and add new business verticals,” said Nandan Venkatachalam, Principal at Axilor Ventures.

In August 2022, Metalbook raised $5 million in seed funding led by Axilor Ventures.

Founded in 2021, by Pulkit Baldev, Aman Tibrewal, and Raghavendra Pratap Singh, Metalbook operates a technology-led platform to help manage the entire metal manufacturing and procurement cycle.

The startup has processing centres, recycling networks, and more than 1,000 suppliers across 80 geographies. It claims to cater to over 1,000 customers across 450 markets. It recently launched new categories across copper, aluminium, and metal scrap.

Metalbook aims to enhance its impact on manufacturing and infrastructure supply chains by optimising ferrous and non-ferrous metal sourcing, logistics, and financing for global projects. It expects to achieve an annualised revenue run rate of $200 million by the end of FY2024.

“As we look to the future, we feel that our solid foundation will enable us to achieve growth and profitability at scale. We want to make sure that there is enough of a track record for market investors to look at before we plan for an initial public offer in 4-5 years,” said Raghavendra Pratap Singh, Co-founder of Metalbook.