Maryland-based Xometry, a custom on-demand manufacturing marketplace which recently launched a video interview series and announced a partnership with ExOne to offer metal binder jetting services, has more exciting news to share—it has completed a $75 million round of equity funding, which was led by global investment management organization T. Rowe Price Associates, Inc. Newly formed investment adviser Durable Capital Partners LP (founded by a former T. Rowe Price executive) and ArrowMark Partners, an employee-owned asset management firm, were also participants in this round of funding, in addition to some of Xometry’s 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.
“This investment will help us accelerate our business through investments in our software platform, new products, and other initiatives,” Xometry’s Vice President Aaron Lichtig told 3DPrint.com in an email. “It also recognizes our growth, which has continued to double on a year on year basis in 2020 despite significant headwinds.”
Combined with other rounds of funding that the company has raised over the years since being founded in 2013, such as a $15 million round in 2017, another $25 million in funding in 2018, and $50 million in equity funding last year, Xometry has now raised a grand total of $193 million in funding.
“The adoption of distributed manufacturing across industries is accelerating. Xometry’s agile digital marketplace helps both the Fortune 500 and smaller businesses meet their production requirements,” said Andrew Davis, Director of Private Investments at T. Rowe Price Associates, Inc., in a press release. “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. Their business model enables them to continue to add manufacturing capabilities and expand globally to capture an increasing portion of the $260B global market,” Henry Ellenbogen, Managing Partner and Chief Investment Officer of Durable Capital Partners LP, chimed in.
Acquiring MakeTime Acquisition in 2018 and Munich-based Shift last year as part of its continuing international expansion strategy, Xometry, which delivers its various capabilities through over 5,000 network manufacturing partners, has seen its revenue double each year since 2015. The company also launched its Xometry Advance Card not too long ago, which helps improve cash flow in the platform by providing upfront payment to manufacturers. So things are continuing to look up for the company that boasts the largest on-demand manufacturing marketplace.
“Xometry is focused on helping manufacturers navigate the current disruption associated with supply chain flexibility, reshoring and shift to digital manufacturing. We’re thrilled to be working with T. Rowe Price, Durable Capital Partners and ArrowMark Partners as we build on our strong growth,” stated Randy Altschuler, the CEO of Xometry. “This funding will enable us to continue to accelerate our business through investments in our software platform, new products, and other initiatives.”
In addition, the company announced that Jim Rallo, previously the Chief Financial Officer and President of Liquidity Services, which led Xometry’s initial public offering back in 2006, has joined the company as its new CFO.
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