Startups

Xometry, the world’s largest marketplace for on-demand manufacturing, bags $75M equity round led by T. Rowe Price Funds | Tech News


The last time we wrote about Xometry was back in July when the Maryland-based On-demand manufacturing marketplace startup launched a 2D technical drawings marketplace. Xometry is changing the way you order custom parts with custom manufacturing on-demand services for 3D printing, CNC machining, Injection molding, and more. Late last year, the Maryland-based acquired Munich-based Shift, the largest On-Demand manufacturing marketplace in Europe, to expand its footprint in Europe.

Today, Xometry announced it has closed a $75 million equity round, led by funds and accounts advised by T. Rowe Price Associates, Inc. Durable Capital Partners LP and ArrowMark Partners also participated in the round, along with previous venture and strategic investors BMW i Ventures, Greenspring Associates, Dell Technologies Capital, Robert Bosch Venture Capital, Foundry Group, Highland Capital Partners, and Almaz Capital. Following a $55MM Series D in 2019, this new funding round brings Xometry to $193MM in total funding since its founding in 2013.

In conjunction with the funding, Xometry also announced that Jim Rallo has joined the company as Chief Financial Officer. Rallo previously served as CFO and President of Liquidity Services, leading the company’s initial public offering in 2006.

Founded in 2013 by Laurence Zuriff and Randy Altschuler, Xometry is the largest marketplace for On-Demand manufacturing, connecting customers with optimal manufacturing solutions through proprietary AI algorithms. Xometry provides custom manufacturing and industrial supply materials to a diverse customer base, ranging from startups to Fortune 100 companies around the world. Xometry has raised $118 million since it was founded in 2013. Over the past two years, the company has grown from 100 employees to over 300 while more than doubling revenue each year.

“Xometry is focused on helping manufacturers navigate the current disruption associated with supply chain flexibility, reshoring and shift to digital manufacturing,” said Randy Altschuler, CEO of Xometry. “We’re thrilled to be working with T. Rowe Price, Durable Capital Partners and ArrowMark Partners as we build on our strong growth. This funding will enable us to continue to accelerate our business through investments in our software platform, new products, and other initiatives.”

“The adoption of distributed manufacturing across industries is accelerating,” said Andrew Davis, Director of Private Investments at T. Rowe Price Associates, Inc. “Xometry’s agile digital marketplace helps both the Fortune 500 and smaller businesses meet their production requirements. Xometry has the right team, the right technology at the right time to build a strong, global scale manufacturing business.”

“Xometry has become a leader in delivering fast, cost-effective on-demand manufacturing solutions in North America,” said Henry Ellenbogen, Managing Partner and Chief Investment Officer of Durable Capital Partners LP. “Their business model enables them to continue to add manufacturing capabilities and expand globally to capture an increasing portion of the $260B global market.”

Xometry’s growth has continued in 2020 with revenue doubling each year over the past five years. Xometry acquired Munich-based Shift in December 2019 as part of its global expansion strategy. The company also recently launched the Xometry Advance Card, which provides upfront payment to improve the cash flow of manufacturers taking jobs through the Xometry platform.

Xometry’s on-demand manufacturing marketplace uses proprietary AI algorithms to connect engineers and product designers with optimal manufacturing solutions. Xometry offers the broadest set of manufacturing capabilities available, including over 60 metal and plastic 3D printing materials, CNC machining, injection molding and sheet metal. These capabilities are delivered through a network of over 5,000 manufacturers.




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