Xometry
Xometry metal 3D print
Xometry has announced a further $75 million in equity funding, taking its total raised amount to $193m since 2013.
Led by funds and accounts advised by T. Rowe Price Associates, the round of investment also saw contributions from Durable Capital Partners LP and ArrowMark Partners, as well as previous investors such as BMW i Ventures, Greenspring Associates, Dell Technologies and Capital, Robert Bosch Venture Capital. It means more than two thirds of the total $193m raises has come in the last 18 months.
Over the last seven years, Xometry has set up an extensive network of manufacturers, harnessing a range of additive manufacturing, CNC machining and sheet metal fabrication technologies, to serve more than 25,000 industrial customers throughout the United States and Europe. The company says it has consistently doubled its revenue each year for the last five years, while also enhancing its offering with new ordering capabilities, new technologies and expanding into new territories. This additional funding will help Xometry to continue supporting a growing customer base.
"Xometry is focused on helping manufacturers navigate the current disruption associated with supply chain flexibility, reshoring and shift to digital manufacturing," commented 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," added 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."
Within the same announcement, Xometry also confirmed that Jim Rallo, previously the CFO and President of Liquidity Services (who also led the company’s initial public offering in 2006) has joined as the Chief Financial Officer.
