Established in 2013, Xometry offers CNC machining, 3D printing, injection molding and design services via its algorithm-driven platform, which directs clients to the optimal solution for a given production task. Thanks to substantial external investment, the firm has been able to steadily iterate on its offering by adding new products and services, and prior to its IPO, it had raised $193 million in funding.
Over the last three years, the company’s growth has been accelerated by backing from GE Ventures, BMW i Ventures and Highland Capital Partners, which provided it with a $38 million cash injection, before the Foundry Group made a $25 million investment, and Greenspring Associates contributed a further $50 million in funding.
Using this backing, Xometry has been able to expand into Europe with the acquisition of fellow service provider Shift, and push for further profitability with the launch of its own credit card. The company’s rapid recent expansion has been recognized by Deloitte’s Technology Fast 500 list in North America, on which it’s credited with having grown 949% from 2016-19.
Although Xometry has yet to outline any spending priorities for any proceeds from its IPO, it reportedly intends to use the cash as working capital and to service its debt which stood at $15.8 million as of March 2021, and according to its SEC filing, it has no agreements or commitments in place to make any imminent acquisitions.