New funding: BluePallet, a startup with roots in Seattle, has emerged from stealth mode with $4 million in new funding. The company operates a marketplace for the chemical industry.
Founded last year, BluePallet aims to change the way chemical producers, distributors, and end users connect with each other. Companies use it to find new regions to sell products; to serve existing customers; to move inventory; and more. It charges a monthly fee per connection, versus the traditional marketplace model of charging a fee on every transaction.
BluePallet was originally called Echo Chemical Exchange, which recently merged with fintech startup Velloci.
The pitch: “Our competitors are on a mission to put themselves in the middle of every transaction. It’s how two-sided marketplaces make money. Someone has to broker every deal. BluePallet is the first true market network for the chemical industry, a decentralized model that benefits both buyers and the industrial manufacturers and distributors in the long term.” — BluePallet CEO 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 various ties to the Seattle region and three of the founders met at the University of Washington’s business school.
Investors: Backers include chemical industry veterans and active executives Terry Hill, Barenz CEO of North America; Mathew Brainerd, CEO of Brainerd Chemical Co.; and Bruce Schechinger, former Chairman of NACD.
Key deal: BluePallet has inked an exclusive strategic partnership with the National Association of Chemical Distributors [NACD] through 2024. The NACD represents more than 85% of the chemical distribution capacity in the nation.