Open Mineral

Open Mineral is an online commodity exchange founded by former employees of Glencore trading company Boris Eicher (a native of Uzbekistan) and Ilya Chernilovsky (a Russian). The platform brings buyers and sellers together using analytical tools to optimize negotiation and contract execution. Also, Open Mineral offers access to additional services that simplify trade, including freight, surveying, financing and insurance. The platform earns commission from transactions between mining and non-ferrous metal processing companies.

History

2021: Attracting $33 million investment

On September 16, 2021, Open Mineral announced the attraction of $33 million in investments. The Arab Mubadala Investment Company invested the most in the online commodity exchange as part of the Series C financing round. Xploration Capital and Emerald Technology Ventures (previously invested in a startup) and Statkraft and Lingfeng Capital (new investors) also participated in the transaction.

Online commodity exchange Open Mineral raised $33 million

According to Forbes magazine, citing an informed source familiar with the negotiations, investors valued Open Mineral at $100-150 million. At the same amount - $100-150 million - the startup estimated the principal of the venture fund Fort Ross Ventt Denis Efremov in a conversation with the publication.

According to TechCrunch, citing a statement by Open Mineral, the company intends to use the investments received to strengthen its commercial activities in the physical supply chain. The volume of the commodity trade market is estimated at $200 billion, here a large number of processes are still accompanied by paper documents, but digitalization of the industry is in full swing, the publication notes. Open Mineral hopes to increase the turnover of transactions on the platform by 10 times in several years.^[1]

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