Companies everywhere depend on their supply chains functioning smoothly so their businesses can operate as they should, and managing the activity involved in these networks keeps things running efficiently. However, a supply chain itself may encounter inefficiencies of its own, such as sudden spikes in demand or long cash cycles that add challenges to managing inventory. With a focus on industrial materials, Reibus developed a platform that works to solve these problems for members of the supply chain.
To further its tech, Reibus recently raised $75 million in Series B funding led by SoftBank Vision Fund 2. The company operates a SaaS-enabled marketplace platform for industrial metal materials, and its product offers buyers and sellers solutions to help manage product procurement, sales, financing and freight.
“Industrial materials such as steel and aluminum is a $2 trillion market globally but remains highly fragmented, which can create supply chain disruptions and price volatility,” Andrew Straub, investment director at SoftBank Investor Advisers, said in a statement. “We believe that Reibus is helping to solve this challenge with its independent, SaaS-enabled marketplace, which provides greater transparency and flexibility to buyers and sellers alike.”
Its platform offers buyers automation tools to help them find materials faster, submit requests for quotation as well as manage their price negotiations. For sellers, Reibus provides live data and analytics, a dashboard to keep track of ongoing deals and a portal to list and sell their products. It also provides financial tools to help businesses leverage cash from their product inventories or access credit options.
With over $100 million in venture capital to date, Reibus has reached a valuation of $750 million following its latest round. Founded in 2018, Reibus is capping off its third year with significant growth. The company recorded a revenue increase of 7x over 2020. It’s next step is building out new products and features for its platform.
The company will invest the latest funding round in expanding its materials marketplace as well as its mobile app’s tools and services. It’s also making additions to its financial services and shipping and transportation products.
“Reibus offers great solutions to long standing problems, however, it is our team that is the real secret to our success,” John Armstrong, Reibus’ founder and CEO, said in a statement. “We hire people who live our culture every day. We give them the freedom and authority to succeed, creating a shared vision and a great place to work.”
Currently 120 people strong, Reibus is expanding its team with the goal of doubling its headcount by 2022, according to the company. It currently lists over two dozen Atlanta-based roles on its site with a majority of positions spanning engineering, sales, HR and revenue operations. Reibus also plans to build out its European footprint by adding new team members and resources.