Xometry, the largest marketplace for on-demand (additive+subtractive+formative) manufacturing acquired Munich-based Shift, the largest on-demand (subtractive+formative-only) manufacturing marketplace 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,” said 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.”
Xometry acquires Shift to grow in Europe
Shift has built the largest 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. “We are thrilled to join the Xometry team,” said Albert Belousov, Shift co-founder and Managing Director of Xometry Europe. “Our customers and suppliers will benefit from us joining forces with Xometry.”
Shift’s lead investors include Cherry Ventures that will now become investors in Xometry. According to Christian Meermann, Founding Partner, Cherry Ventures, the custom manufacturing industry is a massive global market of over $100 billion. A market that Cherry Ventures intends to increase access by leveraging Xometry’s industry-leading technology as well as 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. Today Xometry connects customers with optimal manufacturing solutions through proprietary AI algorithms and an international network of over 4,000 partner manufacturing facilities. Xometry provides custom manufacturing and industrial supply materials to a diverse customer base, ranging from startups to Fortune 100 companies around the world.