Xometry, headquartered in Gaithersburg, Maryland, USA, has completed a $75 million equity round, led by funds and accounts advised by T. Rowe Price Associates, Inc. Following a $55 million Series D in 2019, this new funding round brings Xometry to $193 million in total funding since its founding in 2013.
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.
Xometry also announced the appointment of Jim Rallo as its Chief Financial Officer. Rallo previously served as CFO and president of Liquidity Services.
“Xometry is focused on helping manufacturers navigate the current disruption associated with supply chain flexibility, reshoring and shift to digital manufacturing,” stated Randy Altschuler, Xometry CEO. “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,” he added.
“The adoption of distributed manufacturing across industries is accelerating,” commented 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,” he continued. “Xometry has the right team, the right technology at the right time to build a strong, global scale manufacturing business.”
Xometry’s on-demand manufacturing marketplace offers a wide range of manufacturing capabilities, including more than sixty metal and plastic Additive Manufacturing materials, CNC machining, injection moulding and sheet metal manufacturing, through a network of over 5,000 manufacturers.
The company has reportedly seen its revenue double each year over the past five years. Xometry acquired Shift, Munich, Germany, in December 2019 as part of its global expansion strategy, and recently launched the Xometry Advance Card, which provides upfront payment to improve the cash flow of manufacturers taking jobs through the Xometry platform.