GreenSpark raises $5M Series A led by Tiger Global to expand its software platform for the metal recycling industry
The demand for nonferrous metals including aluminum and copper has increased over the past decade. And as the price of these metals increases due to rising demands, the value of recycled scrap metal rises and boosts industry revenue. According to research, the scrap metal recycling industry is estimated to be $27.8 billion it is expected to grow by 5.5% in 2021.
Metal recycling is a niche industry that has not gotten the attention of most tech startups companies. So earlier this year, the founders of New York-based GreenSpark Software Gordon Driscoll and Evan Vandegriff set out to modernize and digitize the metal recycling industry by building a modern software platform for scrap yards to help streamline their operations, save time and money, and scale their business.
GreenSpark helps metal recyclers streamline their entire operation, from point of purchase all the way to ultimate sale. With easy-to-use purchasing and sales features, inventory management, and CRM tools, metal recyclers can buy metal more quickly, understand their operation’s commodity positions, and move paper-driven processes online.
To further grow its platform and support the growing needs of the metal recycling industry, GreenSpark announced this week it has raised $5 million in Series A financing, led by Tiger Global, to expand its employee base and product suite. Additional investors who participated in the round include Bienville Capital and select strategic individuals. This round of fundraising brings GreenSpark’s total financing to $6 million.
Founded in 2021 by CEO Gordon Driscoll and Evan Vandegriff, GreenSpark Software provides an end-to-end, web-based software solution for metal recyclers, helping them save time and money by streamlining their operation and increasing their access to data.
“The response to our platform throughout the metal recycling industry has been overwhelmingly positive,” said Gordon Driscoll. “Leaders of metal recycling operations across the U.S. recognize their success depends both on how well they can engage with their suppliers and consumers, and their ability to drive efficiencies within their operations. GreenSpark gives metal recycling professionals a platform to follow the metal all the way through their yard in a modern, easy-to-use manner that improves customer experience and saves clerical work.”
To date, GreenSpark has raised $6 million in venture financing from Tiger Global, Bienville Capital, and more. GreenSpark was launched with the support of Fractal, a company that helps entrepreneurs launch and scale vertical SaaS startups. For more information, visit www.greensparksoftware.com.