GeekWire Highlights: BluePallet Launches Decentralized Marketplace Set to Revolutionize Industrial Commerce in Chemical Sector
We are excited to announce that BluePallet, a company with origins in Seattle and focused on creating a marketplace for the chemical industry, has successfully secured $4 million in new funding. The company, which launched last year, intends to revolutionize how chemical producers, distributors, and end users interact and do business.
BluePallet's primary goal is to facilitate companies in discovering new markets for product sales, improving customer service, and efficiently managing inventory, among other benefits. Distinct from the typical marketplace model of charging a transaction fee, BluePallet operates on a monthly fee per connection basis.
The company was initially known as Echo System and has recently joined forces with fintech startup Velloci.
BluePallet CEO Scott Barrows explains the company's unique approach: "Unlike our competitors who aim to involve themselves in every transaction, which is a common practice for two-sided marketplaces, we've built BluePallet as the first true market network for the chemical industry. Our decentralized model is designed for the long-term benefit of both buyers and the industrial manufacturers and distributors.”
The leadership team includes Scott Barrows, who had co-founded ticketing platforms Epic Seats and ZeroHero, along with co-founders Austin Britts, Kevin Fuller, and Brian Perrott. Many members of the team have strong connections to the Seattle region, with three of the founders having met at the University of Washington’s business school.
Investors in BluePallet include chemical industry veterans and active executives such as Terry Hill, CEO of North America for Barenz; Mathew Brainerd, CEO of Brainerd Chemical Co.; and Bruce Schechinger, former Chairman of NACD.
In a significant move, BluePallet has secured 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.
For more information on BluePallet's innovative approach to disrupting industrial commerce with their decentralized marketplace for chemical products, check out their coverage on GeekWire.