Shapeways, a US-based 3D printing technology developer backed by corporate investors Hewlett Packard Enterprise (HPE) and Sumitomo, agreed a reverse merger with special purpose acquisition company Galileo Acquisition Corp yesterday.
The transaction will be conducted at a $410m pro-forma equity valuation and the merged business will take the spot secured by Galileo Acquisition Corp when it listed on the New York Stock Exchange in a $120m initial public offering in October 2019.
The company set to secure $75m in private investment in public equity (PIPE) financing from a consortium including 3D printing system provider Desktop Metal, Miller Value Partners, XN, Lux Capital, Union Square Ventures, Inkef Capital and Andreesen Horowitz (A16Z).
Founded in 2007, Shapeways provides digital additive manufacturing design software and services through an online platform. It has manufacturing facilities in the US city of New York and the Netherlands and serves customers globally.
The company will use the proceeds to improve its 3D printing technology and expand its product offering along with its market presence.
Shapeways had secured roughly $107m in equity funding and $1.2m in debt financing prior to this week, having most recently closed a $30m series E round in 2018 led by Lux Capital and backed by Union Square Ventures, Inkef Capital and A16Z.
The company had raised $30m in a 2015 series D round featuring conglomerate Sumitomo’s Presidio Ventures subsidiary and HP Ventures, a corporate venturing arm for Hewlett Packard just before it split into enterprise IT services group HPE and computing technology producer HP.
Inkef Capital led the series D round, which included existing backers A16Z, Union Square Ventures, Index Ventures and Lux Capital.
