Osborne Clarke has advised Market One Capital and Dutch Founders Fund as lead investors in the pre-seed funding round into recycling start-up Metycle.
Cologne-based start-up Metycle, founded by Rafael Suchan and Sebastian Brenner, positions itself as a digital platform for the international trade in scrap and recycled metal. METYCLE acts as a trader, buying material from collectors and recyclers in the Western world and selling it to international buyers. The startup gets deeply involved in the trade and logistics between buyers and sellers. The company's financial service provider facilitates each payment and holds the funds secure in an individual escrow account until the goods have been delivered.
In a recent pre-seed financing round, the start-up has now raised EUR 1.5 million. Lead investors were Polish-based venture capital firms Market One Capital and Dutch Founders Fund. Furthermore, business angels such as Tom Bird and Louis Pfitzner were involved.
“We’re excited to partner with Sebastian and Rafael on their mission towards more efficient and sustainable trading of metals for recycling. Given their experience and expertise the Founders are uniquely positioned to make it happen. It’s a huge market and METYCLE fits very well into our B2B marketplaces investment focus,” said Jacek Łubiński, Partner at Market One Capital.
With the new financing, Metycle plans to further expand its product offering. The company also plans to hire around 20 new professionals over the next 12 months.
The team advising Market One Capital and Dutch Founders Fund, led by Nicolas Gabrysch, consisted of Dana Alpar, Benedikt Hülsmann, Fenja Striesow (all Corporate/VC), Christoph Boeminghaus, Daniel Jeske (both Commercial), Adrian Schneider (IT), Nils Wiehmann (Labour Law), Dr Karla Klasen (Energy Law) and Dr Jonas Völkel (IP).