Xometry acquires European on-demand manufacturing marketplace Shift
Xometry, the U.S.-based marketplace for on-demand manufacturing that raised $55 million in Series D funding this summer time, has acquired Munich-based Shift as a path to European enlargement.
Exact phrases of the deal stay undisclosed, though the exit sees at the very least a few of Shift’s traders, reminiscent of Cherry Ventures, selecting up shares in Xometry . I additionally perceive the Shift staff is staying on and the corporate’s founders, Albert Belousov, Dmitry Kafidov and Alexander Belskiy, will now be heading up Xometry’s newly shaped European enterprise.
Specifically, by way of this acquisition, Xometry says will speed up worldwide enlargement into 12 new international locations, leveraging a now worldwide community of over 4,000 producers. The firm’s on-demand manufacturing marketplace is already utilized by international corporations like BMW and Bosch, that are Europe-based, and so it is smart to have a a lot stronger operations within the continent.
“We’re eager to leverage Xometry’s technology to continue to scale our business in Europe,” says Shift’s Kafidov in a press release. “We look forward to providing our customers additional manufacturing capabilities, including additive manufacturing and injection molding”.
Shift claims to have constructed the most important on-demand manufacturing community in Europe and a buyer base that features a number of the main manufacturing corporations within the area. Now working as Xometry Europe, the subsidiary will proceed to be headquartered in Munich in Germany, an space recognized for its manufacturing heritage.
Cue assertion from Christian Meermann, Founding Partner, Cherry Ventures: “The custom manufacturing industry is a massive global market of over $100 billion. We’re excited for Shift to utilize Xometry’s industry-leading technology as well as leverage the global manufacturing expertise from other Xometry investors, including BMW i Ventures and Robert Bosch Venture Capital”.
Xometry has raised $118 million since being based in 2013. Over the previous two years, the corporate has grown from 100 staff to over 300 whereas greater than doubling income annually. Via its accomplice manufacturing services, the corporate gives CNC Machining, 3D Printing, Sheet Metal Fabrication, Injection Molding, and Urethane Casting.
Contrast that with Shift, which was based in 2018 and had raised round €Four million (~$4.4m) thus far. Sources additionally inform me that the startup had practically closed a Series A spherical earlier than Xometry preempted the funding by making an acquisition supply.