Open Mineral, has raised $33 million led by Mubadala Investment Company to accelerate the growth of its global digital trade platform for base metal commodities.
Open Mineral is the first and only B2B managed marketplace that, powered by technology and market intelligence, enables profitable and efficient trade of raw material commodities. Founded in 2016 by a team of commodity trade industry professionals in Baar, Switzerland – The Open Mineral platform has now onboarded more than 900 metal & mining companies from 40 different countries.
The Company was founded by physical commodity trade industry insiders. Open Mineral is headquartered in Zug, Switzerland and has offices in Latin America, Asia, and Europe.
Existing investors Xploration Capital and Emerald Technology Ventures were joined by new investors Statkraft and Lingfeng Capital in the Series C round. Open Mineral will use the capital to continue to accelerate its growth, solidify its physical supply chain merchant activities, and advance its leading position in digitizing metal raw material trading.
The metal raw commodities market is a $200 billion space, with most of its participants still trading via paper documents.
Open Mineral’s platform has registered over 900 metals and mining companies across the world. The company has developed proprietary pricing algorithms to drive broader value creation through the commodity supply chain.
Open Mineral is actively working with third-party providers to incorporate ESG metrics across the sell-side (supplier product offers) and buy-side (downstream processing) and developing the architecture to facilitate concentrate swaps in the prevailing costly freight environment. The company has also developed automated blending/smelter material optimization solutions enabling more efficient, informed, and profitable trade of physical metal raw commodities. These steps are crucial in supporting the metal and mining industries’ ambition of transitioning to a lower-carbon world and provide an additional lever/certification for the transparency and footprint of the trade.
The metal trading industry’s future is in digital data and analytics enabling market participants to communicate faster and make quicker, and more data-driven decisions.said Boris Eykher, CEO & Co-Founder of Open Mineral.
Just as eBay revolutionized retail purchasing by bringing more choices to buyers and sellers, we aim to do the same for physical commodity producers in a curated, trusted environment of the Open Mineral platform.
Our goal is to give end-to-end service, more information, transparency, and fair market terms to miners and smelters so they can make better decisions and ultimately become more profitable.”
Open Mineral was recognized for its innovation at the 2018 #DisruptMining and has since been awarded the 2019 #WEF Technology Pioneer and 2020 Rising Star Company by S&P Global Platts Global Metals for its work and potential to transform the trade of minerals and improve society for years to come.
We backed Ilya and Boris as first institutional money and we couldn’t be happier with our investment. The team has constantly delivered and managed to build both a profitable and fast-growing business.said Igor Kim, Managing Partner at Xploration Capital.
A new investment led by Mubadala is a stamp of approval that will open new opportunities for Open Mineral both in terms of new business as well as trade financing, which is crucial to Open Mineral’s clients.
We look forward to working closely with founders, Emerald Ventures, Mubadala, Lingfeng, and Statkraft to accelerate the company’s growth and deliver even more value to Open Mineral’s clients.
Mubadala Investment Company is a sovereign investor managing a global portfolio, aimed at generating sustainable financial returns for the Government of Abu Dhabi.
Open Mineral is disrupting the commodity trading business by leveraging data analytics technology. Buyers and sellers of base metal commodities can tap into a unique and proprietary data hub to trade more efficiently and capture upside. Mubadala has been investing in technology for more than a decade; we see strong potential in Open Mineral and are keen to support its growth and evolution.said Faris Al Mazrui, Head of Russia and CIS Investments at Mubadala.
Headquartered in Abu Dhabi, Mubadala has offices in London, Rio de Janeiro, Moscow, New York, San Francisco and Beijing.
Mubadala’s $243.4 billion portfolio spans six continents with interests in multiple sectors and asset classes. They leverage their deep sectoral expertise and long-standing partnerships to drive sustainable growth and profit, while supporting the continued diversification and global integration of the economy of the United Arab Emirates.
We support Open Mineral first and foremost for the visionary and persistent founders and the increasingly deep bench of first-class executives.adds Ming Shu, Partner at Lingfeng Capital.
The Company has demonstrated high efficiency in gaining traction and the potential to create tremendous value through the digital transformation of the traditional metals and mining value chain, which carries strategic importance to the global economy.
As an Asia-based investor, we look forward to adding value in the key growth market of Open Mineral.