Economy
Reibus Secures $75 Million in Series B Funding
Written by Tim Triplett
November 30, 2021
Reibus, the independent metals marketplace, has raised $75 million in Series B funding led by SoftBank Vision Fund 2. With this investment, Reibus claims total funding in excess of $100 million and a valuation of $750 million.
The funding from SoftBank Vision Fund 2 adds to prior investment by Canaan Partners, Nosara Capital, Battery Ventures, Bowery Capital, Initialized Capital and FJ Labs.
This latest funding round comes as Reibus enjoys its third, and strongest, year with revenue up sevenfold over 2020, the company said.
“Industrial material such as steel and aluminum is a $2 trillion market globally, but remains highly fragmented, which can create supply-chain disruptions and price volatility,” said Andrew Straub, Investment Director at SoftBank Investor Advisers. “We believe Reibus is helping to solve this challenge with its independent, SaaS-enabled marketplace, which provides greater transparency and flexibility to buyers and sellers alike.”
Reibus plans to use the funds raised to grow the marketplace and use of mobile app tools, accelerate new financial and logistical products, and expand its European business with new teams and resources.
Founded in 2018, Reibus’ goal is to use its advanced technology and industry knowledge to revolutionize supply-chain efficiency by shortening lead-times, reducing inventory, and streamlining finance and freight services. “We’re excited to add SoftBank Investment Advisers to our team of world-class investors,” said John Armstrong, Reibus founder and CEO.
Tim Triplett
Read more from Tim TriplettLatest in Economy
Architecture firm billings remain down in January
Architecture firms continued to report a sharp reduction in billings in January, according to the latest Architecture Billings Index (ABI) released by the American Institute of Architects (AIA) and Deltek.
New York state manufacturing rebounds in February
Business activity in New York state’s manufacturing sector recovered nicely in February after a sharp decline the previous month, according to the latest Empire State Manufacturing Survey from the Federal Reserve Bank of New York. The general business conditions index rose 18 points to 5.7. This is a diffusion index, where a positive reading signifies […]
Dodge Momentum Index jumps to record high in January
The Dodge Momentum Index (DMI) rose to a record high in January, according to the latest data released by Dodge Construction Network.
CRU: China hits back with retaliatory tariffs on US
Targets include coal, liquified natural gas, crude oil, and other commodities
ISM: Manufacturing expands in January for first time in years
Following more than two years of contraction, US manufacturing activity rebounded in January according to the Institute for Supply Management.