Venture Capital News: Xometry Announces $75M Equity Round
GAITHERSBURG, MD, Xometry announced that it has completed an $75MM equity round, led by funds and accounts advised by T. Rowe Price Associates.
Xometry, the largest on-demand manufacturing marketplace, today announced that it has completed an $75MM 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.
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.
"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.
For more information on Xometry visit www.xometry.com or follow the company on LinkedIn and Twitter.
Xometry is the largest marketplace for custom manufacturing, connecting customers with optimal manufacturing solutions through proprietary AI algorithms. Xometry provides on-demand manufacturing and industrial supply materials to a diverse customer base, ranging from startups to Fortune 100 companies. Our global network of over 5,000 partner manufacturing facilities enables us to maintain consistently fast lead times while offering a broad array of capabilities, including CNC machining, 3D printing, sheet metal fabrication, injection molding, and urethane casting. Xometry's customers include BMW, Dell Technologies, General Electric, Bosch, and NASA.
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.
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