Custom manufacturing startup Fractory has raised $9 million in Series A funding to advance its enterprise software platform. The Series A round was led by OTB Ventures, with support from existing investors including Trind Ventures, Superhero Capital, United Angels VC, Startup Wise Guys and Verve Ventures.
The funding will be used to set-up services in new markets including, USA, France and Italy. Proceeds will also be used for product and platform development, including the automation of CNC machining, industrial 3D printing, additive manufacturing and casting.
Fractory’s platform connects those that carry out manufacturing jobs with companies needing custom metal parts made for them. Customers upload CAD files specifying what they need to be made, and these are then bid on by manufacturers. With the new funding, Fractory is anticipating customer base growth of a further 700 per cent by 2024. The company’s revenue has grown by 400 per cent since February 2020, which it said demonstrates the strength and growing demand for digital manufacturing.
“The investment will be put towards improving and expanding our services, both in terms of manufacturing capabilities and geography,” Martin Vares, founder and managing director of Fractory, said. “Since starting operations in Manchester, Fractory has played a vital role in helping to digitise the UK’s metalworks industry, which we believe will be essential for its survival. We cannot wait to expand our platform to help more manufacturers and markets across the globe.
“Fractory has created an enterprise software platform like no other in the manufacturing setting, its rapid customer adoption is clear demonstrable feedback of the value that Fractory brings to manufacturing supply chains with technology to automate and digitise an ecosystem poised for innovation,” Marcin Hejka, managing partner of OTB Ventures, said. “We have invested in a great product and a talented group of software engineers, committed to developing a product and continuing with their formidable track record of rapid international growth.”