UK-based online metal fabrication platform Fractory has revolutionised the global metal works industry by creating an all-in-one-hub for metal fabrication. The company just announced that it grabbed €7.5 million (nearly £6.5 million) in a Series A funding round to fuel its expansion plans.
Global expansion plans ahead
The investment round was led by OTB Ventures, a leading European investor focussed on early growth, post-product, high-tech startups. Also, existing investors including Trind Ventures, Superhero Capital, United Angels VC, Startup Wise Guys and Verve Ventures participated in the round.
Fractory will use the funds to set up services in new markets including, USA, France and Italy. The proceeds will also be used for product and platform development, including the automation of CNC machining, industrial 3D printing, additive manufacturing and casting. With the new funding announced today, Fractory anticipates to grow its customer base by 700 per cent within 2024.
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.”
Digitises manufacturing process
Founded in Estonia in 2017, Fractory is now based in Manchester and uses its proprietary technology that 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.
A significant benefit of using Fractory’s platform is that it helps reduce the footprint of the manufacturing supply chain through aggregation and production near end users. Eventually, it results in cleaner production, lesser transportation, and lesser scrap. This way, it helps manufacturers reduce their carbon emissions and achieve their sustainability goals.
The company has partnered 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. Fractory’s customer base ranges from sole traders to SMEs to large multinational manufacturers.
Its 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 per cent since the outbreak of the pandemic, thereby demonstrating the strength and growing demand for digital manufacturing.