Markforged, a US-based industrial 3D printer manufacturer backed by corporates Microsoft, Porsche and Siemens, will undertake a reverse merger with special purpose acquisition company One to list on the New York Stock Exchange.
Porsche Automobil Holding and M12, respective vehicles for carmaker Porsche and software producer Microsoft, have committed to a $210m private investment in public equity led by Baron Capital Group.
Funds and accounts managed by BlackRock, Miller Value Partners, Wasatch Global Investors and Wellington Management have also contributed to the financing.
Combined with the money already held by One, Markforged will have access to $425m in gross proceeds. The combined business will be valued at $2.1bn and will trade under the ticker symbol MKFG once the transaction concludes this summer.
Founded in 2013, Markforged has developed an artificial intelligence-powered additive manufacturing platform. It will use proceeds to drive business growth, launch additional products and introduce more proprietary materials.
M12 and Porsche backed an $82m series D round in early 2019 that also included appliance technology producer Siemens’ Next47 unit and was led by Summit Partners. The round was filled out by Matrix Partners.
Next47 previously led a $30m series C round in 2017, when M12, Porsche, Matrix Partners, North Bridge Venture Partners and Trinity Ventures also invested.
