December 4, 2019
Xometry, a large marketplace for on-demand manufacturing, has acquired Munich, Germany-based Shift, another large on-demand manufacturing marketplace, which is based in Europe. Through the acquisition, Xometry will accelerate its international expansion into 12 new countries, leveraging a worldwide network of over 4,000 manufacturers.
“Global expansion is a key step for us,” says Xometry CEO Randy Altschuler. “Many of our customers, like BMW and Bosch, have a global presence and we can serve more of their needs with a global network. Our AI-driven algorithms and intelligent sourcing platform give us a competitive advantage as we expand across new geographies and manufacturing technologies.”
“We are thrilled to join the Xometry team,” says Albert Belousov, Shift co-founder and managing director of Xometry Europe. “Our customers and suppliers will benefit from us joining forces with Xometry.”
Dmitry Kafidov, Shift co-founder and managing director of Xometry Europe, agreed: “We're eager to leverage Xometry's technology to continue to scale our business in Europe. We look forward to providing our customers additional manufacturing capabilities, including additive manufacturing and injection molding.”
“There are huge opportunities in enabling Xometry's Instant Quote Engine and other product features in the European market,” adds Shift co-founder and head of Technology for Xometry Europe Alexander Belskiy.
Shift has built a sizable on-demand manufacturing network in Europe and a customer base that includes some of the leading manufacturing companies in Europe. Shift will operate as Xometry Europe and continue to be headquartered in Munich, Germany.
Shift's lead investors include Cherry Ventures who will become investors in Xometry.
“The custom manufacturing industry is a massive global market of over $100 billion,” says Christian Meermann, founding partner, Cherry Ventures. “We're excited for Shift to utilize Xometry's 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 it was 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.
Sources: Press materials received from the company and additional information gleaned from the company’s website.