German start-up Metycle has raised EUR 4.7 million to enhance its digital scrap trading platform.
The company has announced the closure of seed funding to accelerate its go-to-market strategy, expand into new geographies and develop technology and AI-based enhanced quality control measures critical to the secondary metals industry.
Metycle created its online marketplace in 2022 to cater for buyers and sellers focussed on virtually all kinds of metal, ranging from mixed metals, to steel, aluminium, copper and more.
Company founders Rafael Suchan and Sebastian Brenner say they started the company to help boost recycling rates and reduce mining. They argue that the global trade in secondary metals is highly fragmented, not transparent and characterised by distrust. ‘We want to make sure that as much scrap as possible is recycled properly, safely, and with respect for the environment,’ they state.
The seed funding round was led by Project A with the participation of Partech, existing investors Market One Capital and Dutch Founders Fund.
The business also received backing from renowned investors such an Anne-Marie Großmann (GMH Group), Gisbert Rühl (former ceo of Klöckner & Co.), Christoph Cordes (Flink), and Philipp Andernach (Antunnacum).
Metycle’s wide support underlines the call for a circular economy, which relies on eco-friendly infrastructure and a ‘greener’ automotive industry.