US-based manufacturing services marketplace Xometry has filed on Friday for a $100m initial public offering that would represent exits for corporate investors BMW, Dell and Robert Bosch.
Xometry has built an online marketplace which uses artificial intelligence to enable companies to purchase manufactured parts on demand. Its net loss stayed relatively the same at $31m in 2020 while it hiked revenue from $80.2m to $141m.
The offering will come in the wake of $193m in funding including $75m in a September 2020 round featuring BMW i Ventures, Dell Technologies Capital and Robert Bosch Venture Capital, on behalf of automotive manufacturer BMW, computing technology producer Dell and industrial manufacturer Robert Bosch.
The round was led by funds and accounts advised by T Rowe Price and also featured Durable Capital Partners, ArrowMark Partners, Greenspring Associates, Foundry Group, Highland Capital and Almaz Capital.
Dell Technologies Capital, Robert Bosch Venture Capital and BMW i Ventures had taken part in Xometry’s $55m series D round in mid-2019, as did GE Ventures, the since closed investment arm of power and industrial equipment manufacturer General Electric.
Greenspring Associates, Maryland Venture Fund, Foundry Group, Highland Capital Partners, Almaz Capital also took part in the series D, the last four having joined BMW i Ventures and GE Ventures in a $25m round the previous year.
BMW i Ventures had already led a $15m round for the company in 2017 that also featured existing investors GE Ventures and Highland Capital Partners.
Xometry’s largest shareholder, Highland Capital Partners, owns almost 6 million shares. T Rowe Price has 4.25 million, Foundry Group approximately 4 million and BMW i Ventures and Greenspring Associates roughly 2.8 million each.
Goldman Sachs, JP Morgan and UBS Investment Bank are joint lead book-running managers for the IPO, which is set to take place on the Nasdaq Global Select Market. Citigroup, BofA Securities, William Blair and RBC Capital Markets are book-running managers.
