Xometry Secures Funding, Announces CFO
Jim Rallo named Xometry CFO as it completes $75 million equity round.
Xometry, an on-demand manufacturing marketplace, recently completed a $75 million 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, including BMW i Ventures, Greenspring Associates, Dell Technologies Capital, Robert Bosch Venture Capital, Foundry Group, Highland Capital Partners and Almaz Capital. The latest funding combines with a $55 million Series D in 2019 to bring the total funding for Xometry to $193 million since its founding in 2013.
At the same time, the company has named Jim Rallo chief financial officer. Rallo previously served as CFO and president of Liquidity Services, leading that company's initial public offering in 2006.
Xometry’s on-demand manufacturing marketplace uses proprietary AI algorithms to connect engineers and product designers with optimal manufacturing solutions. Xometry offers a broad 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.
“Xometry is focused on helping manufacturers navigate the current disruption associated with supply chain flexibility, reshoring and shift to digital manufacturing,” says 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, according to 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,” Davis says.
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 has become a leader in delivering fast, cost-effective on-demand manufacturing solutions in North America,” says 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 $260 billion global market."