INSUBCONTINENT EXCLUSIVE:
Xometry, the U.S.-based marketplace for on-demand manufacturing that raised $55 million in Series D funding this summer, has acquired
Munich-based Shift as a path to European expansion.
Exact terms of the deal remain undisclosed, although the exit sees at least some of
Shift investors, such as Cherry Ventures, picking up shares in Xometry
I also understand the Shift team is staying on and the company founders, Albert Belousov, Dmitry Kafidov and Alexander Belskiy, will now be
heading up Xometry newly formed European business.
Specifically, via this acquisition, Xometry says will accelerate international expansion
into 12 new countries, leveraging a now worldwide network of over 4,000 manufacturers
The company on-demand manufacturing marketplace is already used by global companies like BMW and Bosch, which are Europe-based, and so it
makes sense to have a much stronger operations in the continent.
&We&re eager to leverage Xometry technology to continue to scale our
business in Europe,& says Shift Kafidov in a statement
&We look forward to providing our customers additional manufacturing capabilities, including additive manufacturing and injection
molding&.
Shift claims to have built the largest on-demand manufacturing network in Europe and a customer base that includes some of the
leading manufacturing companies in the region
Now operating as Xometry Europe, the subsidiary will continue to be headquartered in Munich in Germany, an area known for its manufacturing
heritage.
Cue statement 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 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 founded in 2013
Over the past two years, the company has grown from 100 employees to over 300 while more than doubling revenue each year
Via its partner manufacturing facilities, the company offers CNC Machining, 3D Printing, Sheet Metal Fabrication, Injection Molding, and
Urethane Casting.
Contrast that with Shift, which was founded in 2018 and had raised around €4 million (~$4.4m) to date
Sources also tell me that the startup had nearly closed a Series A round before Xometry preempted the investment by making an acquisition
