HOUSTON, Nov. 12, 2014 /PRNewswire/ -- Metal Networks, the foremost worldwide software solution for buying and selling semi-finished industrial metal, today announced $5 million in Series A financing. S3 Ventures, a leading Texas venture capital firm, led the round. After its 2013 graduation from SURGE Ventures' accelerator program, Metal Networks is using this latest round of funding to extend its growth and sales.
"Metal Networks is at the forefront of enabling buyers and sellers within the metals market to surpass their sales goals through the power of its software solution," said Jeremy Chapman, founder and CEO of Metal Networks. "We are revolutionizing trade within the metal industry."
"We at S3 see great opportunity in bringing a marketplace to the metal buying and selling business," said Brian R. Smith, managing director at S3 Ventures. "Jeremy and his team have built a great product, engaged great customers, and we are excited about helping the team scale the business."
"We are pleased to partner with the team at S3," said Chapman. "The S3 team brings a wealth of experience in enterprise B2B, and we expect 2015 to be a year of significant growth as we continue to expand our market presence. The additional financing will provide critical resources to help meet that objective."
About Metal Networks
Metal Networks is revolutionizing the $240+ billion wholesale semi-finished industrial metals market. They provide industry leading SaaS solutions to facilitate the buying and selling of semi-finished materials in private and global markets. Buyers buy smarter and sellers sell faster. Metal Networks aims to become the industry-leading online venue for sellers, buyers, and processors of industrial metals.
With the software, customers can access and trade all inventory in real time, using their own existing website framework. Metal Networks' solutions are implemented in only a few days, so cost savings can begin almost immediately.
Metal Networks delivers software that is convenient, competitive, and profitable. The promise is clear: increased efficiency, price elasticity, reduced carrying costs, lower overhead, generated leads, and increased sales. Services are catered to master distributors, distributors, suppliers, OEMs, fabricators, machine shops, and contractors. The firm's dedicated team of highly skilled professionals, state of the art data-management technology, independent perspective, and total commitment to providing customers with superb service are what makes Metal Networks the best resource for acquiring new customers, for buyers to source their material more efficiently, and for the entirety of the metal industry to build a cohesive, lifelong relationship. They have developed a united, sustainable, and innovative digital community where buying and selling metal is simple and reliable; providing quality metal products in abundance.
About S3 Ventures
S3 Ventures is an early and expansion stage venture firm with $185 million under management. The firm is focused on information technology solutions that solve large business problems and in medical devices that improve the human condition. S3 invests across all stages of a company's growth and partners with the team to help focus methodically on what it takes to build a successful company. For more information about S3, visit www.s3vc.com.
Contact Phil Fraher
SOURCE Metal Networks