Vanilla Steel, a Berlin-based marketplace for industrial materials, has raised $4 million in seed funding led by June Fund and backed by existing investors such as Seedcamp and Mustard Seed Maze.
Steel markets have been extremely volatile in the past few months, shifting from all-time lows in the aftermath of the pandemic to all-time highs in recent weeks given the current lack of steel supply. The turmoil has been exacerbated by the difficulties in importing steel and a combination of price hikes in both raw materials and logistics.
“Never let a good crisis go to waste” Winston Churchill used to say in the 1940s. This was the mindset of the Vanilla Steel founders that have launched a new e-auction platform designed for European steel suppliers.