AUSTIN, Texas--(BUSINESS WIRE)--BluePallet, the digital marketplace connecting manufacturers with the chemical industry, today announced their latest round at $5 million led by Vinmar Ventures, a subsidiary of Vinmar International.
The funding brings BluePallet’s total raise to $10 million, with seed funding coming from other chemical industry veterans including Terry Hill, Barentz CEO of North America; Matthew Brainerd, CEO of Brainerd Chemical Co.; and Bruce Schechinger, former chairman of the National Association of Chemical Distributors.
Founded in 2020 through the merger of EchoSystem, the chemical marketplace and fintech player, Velloci - BluePallet’s market network model is modernizing trade and transactions for a category that supports nearly every industry from everyday consumer goods to pharmaceuticals and agriculture. This emerging e-commerce model offers industrial buyers and sellers access to a broader marketplace while strictly adhering to the requirements of regulatory compliance and responsible distribution.
The BluePallet platform combines three integral products: TradeHub - a permission-based marketplace where users can find and list products with networking tools that allow for safe and secure transactions. TradePass - a proprietary business verification technology that ensures network integrity by reviewing thousands of operational, commercial, and financial risk data points on a continual basis and TradeCart - a proprietary checkout system that integrates payment processing, authentication, and logistics.
“It’s a privilege for Vinmar to lead BluePallet’s latest round and to join the board of directors. BluePallet is a truly innovative company bringing much needed energy toward modernizing chemical distribution. Their experienced team, ably led by Scott, unique technology and momentum in the market made it an attractive opportunity for Vinmar.” - Vinmar International CEO Vishal Goradia
Vinmar brings value to the world’s leading producers and users of plastics and chemicals through the supply of best in class products and tailored business solutions. Founded in 1978, Vinmar has grown into one of the world’s largest plastics and chemicals marketing and distribution companies. The company has over 50 offices in 36 countries with sales in more than 110 countries.
On the heels of this round, BluePallet has announced that it is relocating the company’s headquarters to Austin. The move puts BluePallet in closer proximity to talent and resources from Houston’s robust chemical industry and Austin’s vibrant tech scene.
“This marks an exciting new chapter for BluePallet. It’s a vote of confidence from a respected industry partner and a signal to the market that we are well positioned for growth and expansion. Establishing our headquarters in Austin is a part of these ambitions, allowing us to tap into the chemical industry talent found in the region and join the vibrant tech and entrepreneurial scene. As we continue to grow, we are setting our eyes to the East and aim to quickly establish a regional presence in Asia.” - BluePallet CEO, Scott Barrows
Asia Pacific is the largest region in the global chemicals market, accounting for 49% of the $3.34 trillion industry in 2020 (as the market recovers from the impact of COVID-19, it is expected to reach $4.30 trillion by 2025). North America is the second largest region and accounts for 17% of the market and in this market, BluePallet is uniquely poised through their partnership with the National Association of Chemical Distributors as the NACD and its 750,000 member companies represent more than 85% of the chemical distribution capacity in the nation and generate 93% of the industry’s gross revenue.
“Since 2018, BluePallet (formerly known as EchoSystem) has been an invaluable strategic partner to NACD. BluePallet understands that in order to advance the chemical distribution industry, we must look toward a digital future. As we celebrate NACD’s 50th Anniversary of serving chemical distributors and the supply chain, we are proud to continue partnering with an organization that creates e-commerce solutions which are custom-built for the future of our industry.” - Eric Byer, President NACD
BluePallet is an end to end industrial commerce platform, providing solutions for search, logistics, transactions, and everything in-between.
BluePallet was formed in 2020 through a merger between Velloci, a FinTech platform, and EchoSystem, a chemical marketplace founded in 2017. Built with the support and advice of The National Association of Chemical Distributors (NACD) and its 400-plus members and affiliate companies and based on the platform created by BluePallet founder and CEO, Scott Barrows - now utilized by Ticketmaster, Live Nation, and the NFL.