Munich – The world’s leading digital production platform Xometry has completed another $75 million equity round. Under the leadership of T. Rowe Price Associates, the previous investors at BMW i Ventures, Dell Technologies Capital and Robert Bosch Venture Capital also participated in this round. Both Durable Capital Partners and ArrowMark Partners are also new investors on this occasion. Since it was founded in 2013, Xometry has now raised a total of 193 million dollars in funding. Xometry also announced that Jim Rallo has joined the company Chief Financial Officer. As the former CFO of Liquidity Services, he led the initial public offering of the network of e-commerce marketplaces in 2006.
At Xometry companies can automatically find manufacturers for custom and serial parts. The on-demand platform facilitates orders by connecting you with numerous production facilities. Regarding the current situation, Xometry CEO Randy Altschuler said: “Xometry is focused on helping manufacturers navigate the current disruption associated with supply chain flexibility, reshoring and shifting to digital manufacturing. We’re thrilled to be working with our group of investors 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.”
Despite the current economic crisis, Xometry have continued its growth so far in 2020. Revenue has even doubled each year over the past five years. At the end of 2019, the US company acquired the German platform Shift. Since then it has been operating under the name Xometry Europe out of Munich and operates a company network distributed throughout Europe.
Andrew Davis, the Director of Private Investments at T.Rowe Price Associates believes that things are looking positive for Xometry: “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.”
Henry Ellenbogen of Durable Capital Partners is convinced that Xometry will take on a leading role market. “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 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 moulding and sheet metal. These capabilities are delivered through a network of over 5,000 manufacturers, of which 2000 are located in Europe alone.
About T. Rowe Price
Founded in 1937, Baltimore-based T. Rowe Price (troweprice.com) is a global investment management organization that provides a broad array of mutual funds, subadvisory services, and separate account management for individual and institutional investors, retirement plans, and financial intermediaries. The organization also offers a variety of sophisticated investment planning and guidance tools. T. Rowe Price’s disciplined, risk-aware investment approach focuses on diversification, style consistency, and fundamental research.
About Durable Capital Partners LP
Durable Capital Partners LP is a newly formed investment adviser founded by Henry Ellenbogen. Durable Capital Partners LP’s investment philosophy is grounded in sourcing small-cap compounders in both the private and public markets. Prior to founding Durable Capital Partners LP, Henry spent 18 years at T. Rowe Price, where he was Portfolio Manager of the Media & Telecom Fund (2005 – 2009) and the New Horizons Fund (2010 – March 2019). Henry was also T. Rowe Price’s Chief Investment Officer for U.S. Equity Growth.
About ArrowMark Partners
ArrowMark Partners is an employee-owned asset management firm founded in 2007. As of March 31, 2019, the firm manages approximately $19.3 billion in assets on behalf of institutional, financial intermediaries and high net worth investors across alternative credit and capacity constrained equity strategies, as well as through the management of broadly syndicated and middle-market CLOs. ArrowMark is headquartered in Denver, Colorado with additional presence in California, London and New York.