FRACTORY RAISES €7.5M SERIES A TO FUND GLOBAL EXPANSION AND SOFTWARE PLATFORM DEVELOPMENT
- Digitalisation of metalworks for more efficient and enhanced manufacturing process
- Rapid international expansion with services launching in USA, France, and Italy
- New capabilities to be added to platform include CNC machining and industrial 3D printing
- Funding from venture capital investors will enable customer base to grow +700% by 2024
Manchester, UK,– Fractory, the UK-based online metal fabrication platform, today announces it has raised €7.5m to help expand its operations internationally and accelerate the development of its technology offering. This Series A round is led by OTB Ventures, a leading European investor focussed on early growth, post-product, high-tech start-ups, 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 has revolutionised the global metal works industry by creating an all-in-one-hub for metal fabrication. Its proprietary technology simplifies and digitises the manufacturing process, allowing customers to swiftly upload CAD files for instant pricing; before assessing the availability, location, capabilities and materials required to engage with the right manufacturing partner. By better connecting all parts of the supply chain, Fractory drives competitive pricing, reduces lead times and improves quality.
One important benefit of Fractory’s platform is that it helps reduce the footprint of the manufacturing supply chain through aggregation and production near end users. This leads to cleaner production, less transportation and less scrap. It is helping manufacturers reduce their carbon emissions and meet sustainability targets.
Fractory was founded in Estonia and opened its international headquarters in Manchester in 2019. The company now partners with hundreds of metal companies and supports more than 10,000 customers across industries including, Aerospace and Defence, Automotive, Robotics, Life Sciences, Agriculture and Construction. The size of Fractory’s customers range from sole traders and SME’s, to large multinational manufacturers. With the new funding announced today, Fractory is anticipating customer base growth of a further 700% by 2024.
Fractory has seen increased momentum throughout the global supply chain disruption caused by the Covid-19 pandemic, as the platform became a valued resource for a range of manufacturing needs. As different geographies and industries reduced workforces, closed factories and halted operations through 2020, Fractory’s automated platform was able to rapidly switch between a network of partners to enable continuity of supply for customers. The company’s revenue has grown by 400% since February 2020, demonstrating the strength and growing demand for digital manufacturing.
Martin Vares, Founder and Managing Director of Fractory, said:
“We are thrilled to have raised our latest level of funding and partnering with great investors as we embark on our exciting next stage of growth. The investment will be put towards improving and expanding our services, both in terms of manufacturing capabilities and geography. 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 can’t wait to expand our platform to help more manufacturers and markets across the globe.
Marcin Hejka, Managing Partner of OTB Ventures, said:
“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. 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.”