GrabSteel secures 100 million dollar equity facility from White Lion Capital
Steel distributor GrabSteel arranged a committed equity facility of up to 100 million dollars with White Lion Capital to fund its Matcon construction platform
Johor Bahru, Malaysia - GrabSteel, a Malaysian steel distributor founded by Barry Lee Wee Chan and Alvis Chong, has secured a US$100 million equity facility from White Lion Capital LLC, a US-based multi-strategy family office. This marks the company's first outside equity commitment and will be used to develop Matcon, GrabSteel's construction materials platform.
The facility is contingent upon White Lion Capital's purchase of GrabSteel shares over time, subject to certain conditions, including the listing of shares on a US exchange and the effectiveness of a registration statement for resale of shares. Southeast Asia's construction industry, valued at over US$220 billion annually, is projected to reach US$1 trillion by 2034.
GrabSteel's distributors currently lack software support for their transactions, making Matcon a promising solution to streamline these processes. The platform aims to connect inquiries, quotations, orders, and delivery documentation into a single workflow, with AI-assisted enquiries, coordinated quotations, delivery visibility, and transaction records as key development priorities.
With revenue growing more than fourfold in two years and a profit in each of those years, GrabSteel remains privately held with Chan and Chong as the sole shareholders. The company plans to initially launch Matcon for its own steel transactions before expanding to other suppliers and categories in 2027.
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