New financing: Bluepallet, a startup with roots in Seattle, has come out of stealth with $ 4 million in new funding. The company operates a market for the chemical industry.
Founded last year, Blue Pallet aims to change the way chemical producers, distributors and end users connect with each other. Businesses use it to find new regions to sell products; to serve existing customers; move inventory; and more. Charges a monthly fee per connection, compared to the traditional market model of charging a fee on each transaction.
BluePallet was originally called the Echo Chemical Exchange, which recently merged with fintech startup Velloci.
The tone: “Our competitors are on a mission to get in the middle of every transaction. This is how two-sided markets make money. Someone has to negotiate every deal. BluePallet is the first true market network for the chemical industry, a decentralized model that benefits buyers as well as industrial manufacturers and distributors in the long term. “- CEO of BluePallet Scott barrows.
Leadership: Barrows previously co-founded ticketing platforms Epic Seats and ZeroHero. He co-founded BluePallet with Austin Britts, Kevin Fuller, and Brian Perrott. The leadership team has several ties to the Seattle region and three of the founders met at the University of Washington business school.
Investors: Sponsors include chemical industry veterans and active executives Terry Hill, Barenz CEO North America; Mathew Brainerd, CEO of Brainerd Chemical Co .; and Bruce Schechinger, former president of NACD.
Key offer: BluePallet has entered into an exclusive strategic partnership with the National Association of Chemical Distributors. [NACD] through 2024. NACD represents more than 85% of the nation’s chemical distribution capacity.