Gaithersburg manufacturing platform Xometry acquired a competitor and raised $25 million, the startup announced Tuesday.
Xometry acquired Lexington, Kentucky, firm MakeTime.
“We’re thrilled to combine Xometry’s online manufacturing platform with MakeTime’s proven success in building a distributed network of over 1,00 manufacturers,” Randy Altschuler, co-founder and CEO of Xometry, said in a statement. “This acquisition will provide our customers with access to massive capacity through the industry’s largest distributed manufacturing network as well enhanced product features.”
Xometry provides an on-demand manufacturing platform designed to allow its customers to find an appropriate place to create their goods while providing instant quotes and recommendations. The platform’s customers range from startups to larger customers, including BMW and General Electric.
Last year, Altschuler told The Daily Record his company was the “Amazon for manufacturing.”
The acquisition of MakeTime allows Xometry to grow its network of manufacturers from 1,100 to 2,300. The combined company will keep offices in Maryland and Kentucky.
At this point last year, the company had around 5,000 customers and about 500 partner manufacturers. It now has more than 10,000 customers.
As part of the acquisition, MakeTime founder and CEO Drura Parrish will join Xometry as an executive vice president.
“We’re excited at the prospect of joining forces with Xometry,” Parrish said in a statement. “We’ve both been building the future of manufacturing, and now we will be able to offer small- and medium-sized manufacturers access to more jobs, more opportunities for growth and advanced products to power their businesses.”
MakeTime investor Foundry Group led the $25 million funding round. Other participants included Almaz Capital, BMW i Ventures, GE Ventures, Highland Capital Partners and Maryland Venture Fund.
To date, Xometry has raised $63 million across multiple rounds.