Houston, USA-based, an emerging mining and metals company operating across the African continent, Metalex Commodities raised USD 2 million in seed financing. The round took place on May 26, 2023. A Sun Valley, Idaho-based hedge fund, Endura Capital, led the financing for the company.
In addition to the funding, the company entered into a strategic partnership with Metalex to form the USD 10 Million Endura Metalex African Opportunities Fund.
Purpose of investment for Metalex Commodities
With the latest capital injection by Endura, Metalex seeks to expand its metal processing operations. It further has plans to enhance its technology platform. Meanwhile, the company intends to ramp up its hiring operations and grow its team.
On the other hand, the partnership fund provides trade finance for Metalex’s operations in its key markets.
What the Metalex Commodities official has to add
Ayo Sopitan, CEO of Metalex, said, “We are thrilled to have the support of Endura Capital and our other investors as we continue to expand our business across Africa. We are now well placed to build a well-oiled machine that is built on our own processing facilities with feedstock sourced and produced in partnership with local miners in our key market, Zambia, as well as other geographies like Nigeria, Zimbabwe, amongst others.”
What the investor has to add
Managing Partner of Endura Capital, JD McDonnell, further said, “We believe that the commodities sector in Africa represents a tremendous growth opportunity, and we are confident that our partnership with Metalex will enable us to identify and invest in the most promising sectors in this space.”
About Metalex Commodities
In 2020, Founder G. Ayo Sopitan launched the company. Metalex Commodities operates as a commodity trading company that specializes in the export of metal ores and concentrates.
The company boasts various features such as price discovery, enabling the access and purchase of multiple minerals on one platform, quality control as well as high-level sourcing. In addition, it enables a centralized system to manage the transaction from the initial ask right down to delivery, along with Insured & Secure Transactions. Its services include ethical sourcing in which the company aggregates metal ores and concentrates produced by traceable artisanal to small-scale miners who benefit from our miner empowerment initiatives. Further, it provides Metalex-approved warehouses complete with security, standardized quality management processes as well as local logistics management. These warehouses serve as the hub of the marketplace from which the availability of volumes is certified. Moreover, the company offers world-class local logistics partners to ensure the delivery of commodities to the port.
With the latest capital injection, the company strives to become a major player in the African commodities market, creating new opportunities for growth for host communities, as well as its investors.
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