Open Mineral has secured a total of 33 million US dollars in a series C funding round. The new investors Statkraft Ventures and Lingfeng Capital joined the existing investors Xploration Capital and Emerald Technology Ventures in this funding round. According to a press release from Open Mineral, which is based in Zug, the capital will be used “to continue to accelerate its growth, solidify its physical supply chain merchant activities, and advance its leading position in digitizing metal raw material trading.”
Open Mineral provides decision bases for buying and selling base metal raw materials on its platform using digital data and analyses. The platform also offers access to additional services to facilitate the trading of raw materials including freight, surveying, financing, and insurance. Furthermore, the company has developed automated solutions for the optimization of blending and smelting materials.
Open Mineral CEO and Co-Founder Boris Eykher compares the significance of the platform to that of eBay for retail. He explains: “We aim to do the same for physical commodity producers in the curated, trusted environment of the Open Mineral platform.” The aim is to provide mining companies and smelters with more information, transparency, and fair market conditions.
Managing Director of Statkraft, Alexander Küppers, also attests: “We trust that Open Mineral has built a scalable, global platform for trading metal raw materials.” According to a statement provided by Ming Shu, a partner at Lingfeng Capital, the company is supporting Open Mineral “first and foremost for the visionary and persistent founders and the increasingly deep bench of first-class executives.” He goes on to say: “The company has demonstrated high efficiency in gaining traction.”