Cleveland startup Felux changing how steel is bought and sold; raises $19.5 million from investors

Felux steel stock

Cleveland startup Felux is building an ecommerce platform for buyers and suppliers of steel products. (file photo)Gus Chan, The Plain Dealer

CLEVELAND, Ohio — A Cleveland startup is changing the way businesses can buy metal by digitizing an old-fashioned industry.

Felux was founded in 2019 by a mix of tech and steel experts. The company is building a digital marketplace and supply-chain platform that connects companies buying steel and the suppliers selling it. The company announced Thursday that it raised $19.5 million in its latest funding round.

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