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
ISM: US manufacturing poised for growth in 2025
“Manufacturers are optimistic,” said Timothy R. Fiore, chair of ISM’s Manufacturing Business Survey Committee.
New York state manufacturing activity stable in December
Following a substantial recovery in November, business activity in New York state’s manufacturing sector held steady in December, according to the latest Empire State Manufacturing Survey from the Federal Reserve Bank of New York.
Ternium chief say Mexico tariffs ‘irrational’
Vedoya said the proposed tariffs are "an irrational measure that would harm both their own industry and ours."
Slowing data center, warehouse planning drives decline in Dodge index
The Dodge Momentum Index (DMI) slid further in November as planning for data centers and warehouses continued to decline.
Beige Book shows some positive economic activity
Still, many businesses noted increased sensitivity to prices and quality among customers.