Xometry, an online marketplace for companies to find manufacturers with excess capacity, files its S-1, revealing a loss of $31M in 2020 on revenue of $141M (Sara Gilgore/Washington …)
Xometry, an online marketplace for companies to find manufacturers with excess capacity, files its S-1, revealing a loss of $31M in 2020 on revenue of $141M — Montgomery County has housed one of the region’s largest collectors of venture capital. Now, that company, Xometry Inc., has filed to go public.
An IPO of $100 million is being filed by the MoCo manufacturing startup
For over a decade, Montgomery County has been one of the region’s most prolific venture capital collectors. Now, that company, Xometry Inc., has announced that it will file for public listing on the NASDAQ.
A preliminary prospectus filed with the Securities and Exchange Commission on Friday, reveals that the on-demand manufacturing platform, now 8 years old, hopes to raise up to $100 million in its initial public offering, which matches engineers, product designers, and manufacturers. In order for the company to trade publicly on the Nasdaq Global Market, it plans to use the ticker symbol “XMTR”.
The public offering date and the estimated price for Xometry’s initial public offering have not yet been disclosed in the company’s filing.
This company has announced that it intends to use the net proceeds of its IPO for general corporate purposes, including the acquisition of working capital, the payment of operating expenses, and the construction of capital facilities. A portion of the funding would also be used to repay the loan debt, which, as of March 31, amounted to $15.8 million at an annual rate of interest of 8.7%, which would also be used to repay the loan debt.
According to Xometry, the proceeds from the sale could also be used “in order to acquire complementary businesses, products, services and technologies,” according to the filing, adding that at this time it does not have any agreements or commitments of this nature.
As a result of the company’s expansion to Europe and Asia, as well as the launch of two new business lines, the Montgomery County-based company has achieved $141 million in revenue in 2020, a 76% increase from $80.2 million in 2019 and a 268% increase from $38.4 million in 2018. As part of this expansion, two new business lines were launched, including financial products to assist sellers on its platform with managing their cash flow on various projects.
The annual losses that Xometry has logged over the past two years amount to around $31 million for both years. In March 2021, it accounted for $49.5 million of cash and cash equivalents as of the end of the month. According to its filing, the proceeds from the IPO are expected to cover the business for at least 12 months, coupled with proceeds from the IPO.
A serial entrepreneur, Randy Altschuler, co-founded the company in 2013 and has been serving as its CEO and sitting on its board of directors ever since. A few of the members of his executive team have just joined the company, including Chief Sales Officer Kathy Mayerhofer and Chief Financial Officer James Rallo, who have assumed the responsibilities of co-founder Laurence Zuriff, who had previously assumed the role of chief strategy officer.
Among individual executives today, Altschuler and Zuriff both hold the highest number of shares, with 4.04 million, or 28% of the stock, and 3.33 million, or 23% of the stock, respectively. A little over 6 million shares of the company are held by investors Highland Capital Partners, which is the company’s biggest institutional holder.
In September, Xometry made headlines when it announced that it had secured $75 million in new funding, which is a whopping amount. That round was led by T. The firm was led by Rowe Price Associates, as were Durable Capital Partners LP and ArrowMark Partners, as well as BMW i Ventures, Greenspring Associates, Dell Technologies Capital, Robert Bosch Venture Capital, Foundry Group, Almaz Capital, and Highland Capital, which were all previous investors.
