Funding Alert

Elchemy Secures $5.6 Million in Series A Funding Led by Prime Ventures

• ByStartupStory     |    November 25, 2024

Elchemy, a cross-border specialty chemical distribution platform, has raised $5.6 million in its Series A funding round. The round was led by Prime Venture Partners, with participation from existing investor InfoEdge Ventures.

The fresh capital will be utilized to bolster the company’s technological infrastructure and further its global expansion, with a focus on North America. “The funding will be utilised to enhance its technological capabilities and expand our global footprint, particularly in North America,” said Hardik Seth, Co-founder of Elchemy.

Elchemy also announced plans to set up a dedicated team in the U.S. and enhance its proprietary technology stack. The upgrades will include advanced quality management systems, real-time tracking capabilities, and automated documentation processes, aiming to streamline its operations and improve client experiences.

Previously, the startup secured $2 million in a seed funding round led by InfoEdge Ventures in 2022.

Founded in 2021, Elchemy has rapidly expanded its global footprint, serving over 80 clients worldwide, with a strong presence in North America. “Elchemy’s platform has facilitated specialty chemical exports to more than 50 ports globally and has partnered with emerging manufacturers and large publicly listed chemical companies on the supply side,” the company stated.

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