Manufacturing startup Xometry has raised a big new round of funding

Gaithersburg on-demand manufacturing marketplace Xometry has raised $75 million in new funding, the company said Wednesday.

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The new round was led by T. Rowe Price Associates and included Durable Capital Partners LP and ArrowMark Partners, along with previous investors BMW i Ventures, Greenspring Associates, Dell Technologies Capital, Robert Bosch Venture Capital, Foundry Group, Highland Capital Partners and Almaz Capital.

The new round follows a $55 million raise in 2019 and brings Xometry's total funding to about $193 million since its founding in 2013, according to the announcement. 

The company also announced the appointment of Jim Rallo as chief financial officer. Rallo was previously the CFO and president of Liquidity Services, leading the company’s initial public offering in 2006.

Xometry's on-demand manufacturing marketplace uses artificial intelligence to match engineers and product designers with a network of more than 5,000 manufacturing providers. 

"Xometry is focused on helping manufacturers navigate the current disruption associated with supply chain flexibility, reshoring and shift to digital manufacturing," said Randy Altschuler, CEO of Xometry, in a press release. "This funding will enable us to continue to accelerate our business through investments in our software platform, new products, and other initiatives." 

Xometry says its revenue has doubled each year for the past five years. That includes the acquisition of Munich-based Shift in December 2019 and competitor MakeTime in 2018. It also includes the rollout of its Xometry Advance Card, which provides upfront payment to manufacturers who take jobs through the Xometry platform.

In 2018, the company had about $40 million in revenue.

By Andy Medici  – Senior Staff Reporter, Washington Business Journal