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Trading platform Open Mineral raises $5.5 million

23.11.2018 13:04
Mining

Open Mineral is a cloud-based exchange that connects buyers and sellers to trade physical commodities directly. Existing shareholders and Emerald Technology Ventures invested in a USD 5.5 million Series B round.

Founded in 2017 by former Glencore traders and based in Zug, Open Mineral offers a cloud-based solution that makes it easy to competitively buy and sell metal concentrates and ensure fair, transparent and efficient trade execution. The platform also offers access to additional services integral to smooth trade settlement, including freight, surveying, financing and insurance.

Emerald invested in the USD 5.5 million Series B round alongside existing shareholders: Igor Kim of Xploration Capital, and Goldcorp, a Vancouver-based mining company. The round remains open for a second closing, which would bring the total round size to USD 6.5 million.

This investment is an example of a key Emerald strategy: promoting modern technology implementation in industrial sectors that are considered “under-digitized”. In Emerald’s view, Open Mineral enables the materials handling industry to substantially increase transparency, to establish prices more efficiently, and therefore to reduce input prices. The company also supports physical trade execution around the world, allowing its customers to remain in control, while Open Mineral does the leg work.

“This financing round is an important milestone for Open Mineral, because it allows us to rapidly expand the utility and reach of the Open Mineral Exchange platform”, said Boris Eykher, CEO and Co-Founder. “We are proud to welcome Emerald Technology Ventures as an investor, given their strong network within the industrial technology space.”

Hans Dellenbach, Partner at Emerald, added “Open Mineral attracted us for several reasons. The team is extremely knowledgeable about the sector, the technology promises to transform an entire industry, and commercial traction is strong. As a first mover in this space, the company can become the leading marketplace for copper, zinc and lead concentrates, with an addressable market size on the order of USD 50 billion.”

Open Mineral was founded in 2017. It is a cloud-based exchange that connects buyers and sellers to trade physical commodities directly, efficiently, and transparently. With powerful analytical tools, Open Mineral streamlines contract negotiations and execution to increase efficiency and profitability for the participants. The company currently covers zinc, lead, copper, gold and silver concentrate markets. 

(Press release)

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