JumpStart Ventures NEXT II Fund recently invested in Felux, a digital marketplace and supply chain platform for the steel industry. EquipmentShare led the $19M Series A round with participation from Signia Venture Partners, Suffolk Technologies and others.
Felux is transforming the traditional offline, trillion-dollar steel industry by digitizing the supply chain and empowering its customers to source, procure, ship, and finance products efficiently. The platform, built by steel and technology experts, provides much-needed visibility across the industrial supply chain, allowing customers to share inventory and access freight and lane pricing in real-time.
The founding team has deep industry and startup expertise. CEO and Co-founder Dallas Hogensen brings a decade of experience leading technology startups on both coasts and beyond. He joined Felux in 2020 after cofounding Liveli and Signal HQ (acquired in 2016 and 2020, respectively) and has served in senior sales leadership roles in startups, including Lyft. COO and Co-founder Chris Day spent a decade serving as an executive in the steel industry and has played a vital role in taking the platform from ideation to launch.
Felux operates in an industry ripe for disruption. While many sectors have adopted digital commerce, the steel industry has not, mainly because existing tools are expensive, outdated and difficult to use. In 2021, Felux facilitated more than $450 million in transactions on its platform. The company now has 1,000+ customer locations, including Fortune 500 clients, steel mills, service centers and manufacturers throughout the USA, Canada, and Mexico.