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 billings flat in October after months of contraction
Architecture firms reported stable billings in October, according to the latest Architecture Billings Index (ABI) released by the American Institute of Architects (AIA) and Deltek. This follows 20 months of contracting business conditions.
Trump taps Lutnick to be Commerce Secretary
President-elect Donald Trump has named Wall Street veteran Howard Lutnick as the new US Secretary of Commerce.
New York state manufacturing activity ramps up to multi-year high
New York state’s manufacturing sector saw substantial recovery in November, according to the latest Empire State Manufacturing Survey from the Federal Reserve Bank of New York.
CRU: Dollar and bond yields rise, metal prices fall as Trump wins election
Donald Trump has won the US presidential election. The Republican party has re-taken control of the Senate. Votes are still being counted in many tight congressional races. But based on results so far, the Republicans seem likely to maintain control of the House of Representatives. If confirmed, this will give Trump considerable scope to pass legislation pursuing his agenda. What this means for US policy is not immediately obvious. Trump will not be inaugurated until Jan. 20. In the coming weeks and months, he will begin to assemble his cabinet, which may give a clearer signal on his policy priorities and approaches. Based on statements he made during the presidential campaign, we have set out the likely direction of his economic policy here and green policy here.
ISM: Manufacturing index fell in Oct to lowest point of ’24
Domestic manufacturing contracted for the seventh straight month in October, according to the latest report from the Institute for Supply Management (ISM). This marks the 23rd time in the last 24 months that it has been in contraction.