Open Mineral, a digital trading platform focused on base metal commodities, has successfully secured $33 million in a Series C funding round led by Mubadala Investment Company. Additional participants in this funding round included Xploration Capital, Emerald Technology Ventures, Statkraft Ventures, and Lingfeng Capital, all of which are supporting the Swiss-based company’s growth.
The market for raw metal commodities is estimated to be worth around $200 billion, yet many participants still rely on outdated paper-based trading methods. Open Mineral aims to transform this landscape by integrating over 900 metals and mining companies onto its advanced digital platform.
The company has introduced proprietary pricing algorithms designed to enhance value creation throughout the commodity supply chain. Additionally, Open Mineral is committed to improving the industry’s sustainability by collaborating with third-party providers to implement ESG (Environmental, Social, and Governance) metrics across both the buy-side and sell-side. They are also developing automated solutions for blending and optimizing smelter materials.
Boris Eykher, CEO of Open Mineral, remarked, “The future of metal trading lies in digital data and analytics, enabling market participants to communicate more effectively and make quicker, data-informed decisions. Just as eBay revolutionized the retail experience by offering more options to buyers and sellers, we aspire to do the same for physical commodity producers within the trusted environment of the Open Mineral platform.”