Open Mineral Secures $33M Series C Funding - Commodity Trading Platform

Open Mineral Secures $33 Million Series C Funding

Previously, in 2018, we reported on Open Mineral (OM)’s $2.25 million funding round, highlighting their ambition to enhance transparency within commodities trading. Significant progress has been made since then. The Zug, Switzerland-based firm has now successfully closed a $33 million Series C funding round.

Mubadala Investment Company spearheaded this investment. Existing investors, including Xploration Capital and Emerald Technology Ventures, participated alongside new investors Statkraft and Lingfeng Capital.

Expanding Physical Supply Chain Capabilities

The newly acquired capital will be strategically allocated to strengthen the company’s physical supply chain merchant operations. The commodities trading sector, valued at $200 billion, still relies heavily on traditional paperwork. Therefore, ongoing digitization efforts are crucial.

Open Mineral’s platform currently boasts a registration of over 900 metals and mining companies globally. These companies utilize the platform’s pricing algorithms throughout the entire commodity supply chain.

Integrating ESG Metrics and Optimizing Trade

Beyond digitization, OM is collaborating with external partners to integrate “green” Environmental, Social, and Governance (ESG) metrics into both the sell-side and buy-side processes. This demonstrates a commitment to sustainable practices.

The company has also engineered automated blending and smelter material optimization solutions. These innovations facilitate more efficient, informed, and ultimately, more profitable trading of physical metal raw commodities.

According to the company, these solutions contribute to a reduced carbon footprint and support the transition to a lower-carbon economy.

Industry Disruption Through Data and Analytics

Boris Eykher, CEO and co-founder of Open Mineral, stated that the future of metal trading hinges on digital data and analytics. He emphasized the need for faster communication and data-driven decision-making among market participants.

He drew a parallel to eBay’s impact on retail, asserting Open Mineral aims to replicate that success by providing a curated and trustworthy environment for physical commodity producers.

Mubadala’s Perspective on Open Mineral’s Potential

Faris Al Mazrui, head of Russia and CIS Investments at Mubadala, commented on Open Mineral’s disruptive influence on commodity trading. He highlighted the company’s use of data analytics technology.

Al Mazrui explained that buyers and sellers of base metal commodities can leverage a unique, proprietary data hub to trade with greater efficiency and maximize potential gains.