Venture-backed online trading platform Emetra has ceased activity after failing to produce sufficient trading activity on its website. The trading platform is no longer accessible to customers and the remaining cash in the business is being returned to shareholders. The business is said to have burnt through funds of around $30 million.
Internet Capital Group and Safeguard International backed the company in February 2000 and formed a joint-venture to establish a worldwide business-to-business e-commerce trading platform for the non-ferrous metals markets, including physical trading and the trading of futures and options contracts.
A statement issued by the Emetra team said: “While we enjoyed a great deal of success from the industry, this failed to produce sufficient trading activity on the site. We believe that our existing shareholders have been tremendously supportive in allowing us time to deliver results that would have made the business viable.”
The team still holds the belief that in time there will be a significant role for on-line metals trading, electronic documentation and end-to-end contract management.