$33 million for mining technology disruptor Open Mineral

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16.09.2021
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Open Mineral has raised $33 million led by Mubadala Investment Company to accelerate growth of its global digital trade platform for base metal commodities. The capital will be used to accelerate growth and to solidify the physical supply chain merchant activities.

The metal raw commodities market is a $200 billion space, with most of its participants still trading via paper documents. Founded in 2017 by former Glencore traders and based in the canton of Zug, Open Mineral operates a cloud-based exchange that connects buyers and sellers to trade physical commodities directly. Open Mineral’s platform has registered over 900 metals and mining companies across the world.

Boris Eykher, CEO & Co-Founder of Open Mineral, explains “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.” 

Faris Al Mazrui, Head of Russia and CIS Investments at Mubadala, said: “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.”

Mubadala led the Series C round. Existing investors Xploration Capital and Emerald Technology Ventures were joined by new investors Statkraft Ventures and Lingfeng Capital.

(Press release / SK)

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