B2B manufacturing platform Geomiq has today announced a £2.9 million Seed Round, with funding raised from a consortium of investors, including: Samaipata, Sova VC, Fuel Ventures, Tekton Ventures, and Eka Ventures.
Co-founded by mechanical engineer Sam Al-Mukhtar and second-time marketplace entrepreneur Will Hoyer Millar, and based in London, Geomiq’s platform aims to connect the world’s best engineers with the world’s best manufacturers. Streamlining the entire manufacturing process from quote to delivery, Geomiq’s platform brings much needed transparency to a traditionally opaque contract manufacturing industry.
With more than 260 manufacturing partners across the UK and the globe, customers can access a vetted network of experienced manufacturers, and ensure that mechanical parts are effectively quoted, manufactured, delivered on time, and right the first time.
The global low-volume manufacturing market is valued at more than $95bn, and is expected to grow at 12% per annum. At the same time, manufacturers are increasingly constrained by global efforts to contain the coronavirus, which is exacerbating the strain on supply chains. In spite of this, Geomiq has leveraged its technology and agile manufacturing network to seamlessly maintain its operations.
As an essential business and supplier to key Medical, Robotics, and Automotive & Aerospace manufacturers, it has delivered more than 3x year-on-year growth and has successfully fulfilled over 5 million parts throughout the UK and Europe. Geomiq is trusted by more than 3,000 companies globally, including industry-leading brands such as: GE, BMW, Transport for London, and Brompton Bikes.
The funds raised as part of this round will be used to bolster Geomiq’s UK manufacturing base, enhance its core product development teams, and expand its marketing activities.
Sam and Will have drawn on their respective industry insight and marketplace expertise to develop a digital manufacturing platform that delivers high quality and predictable manufacturing results, and accelerates product innovation.
Will Hoyer Millar, Co-founder and CCO at Geomiq, said:
“There has never been a better time than now for digital transformation of manufacturing. Covid-19 and the rapid rise of Industry 4.0 have pushed manufacturing companies over the technological tipping point, transforming the industry forever, and Brexit is accelerating the shift to ‘Glocalisation’ as businesses focus on balancing localised and globalised supply chains to stay competitive. This is a once in a generation opportunity for reshoring a digitally enabled UK Manufacturing Industry, and platforms such as Geomiq and our Manufacturing Partners plan to lead the way.”
Alex Chikunov, Partner at Sova VC said:
“Given how much the manufacturing sector has struggled for a long time with low-volume production, Geomiq’s solution is a potential game changer. By bringing together manufacturers, entrepreneurs and doers, Geomiq’s powerful tool could help to disrupt what is a multi-trillion dollar global industry. We are hugely optimistic for the future of the business, and are delighted to be supporting Sam and Will on this journey.”
Jose Del Barrio, Founding Partner at Samaipata, said:
“Geomiq is perfectly positioned at the forefront of a digital revolution within the manufacturing industry, and has an extremely talented and mission-driven team looking to solve a problem they faced personally as engineers. The team here at Samaipata are thrilled to support Geomiq on their quest to build the world's best and most sustainable manufacturing supply chain."
Sam Al-Mukhtar, Co-founder and CEO at Geomiq, added:
“During a global pandemic, we have proven that online manufacturing as a service (MaaS) plays a critical role in the industry's future. Primarily driven by supply quality and more demand than ever for a digital and agile solution, we have an ambitious product roadmap, and are set to supercharge our custom technology with the great support of our recent investors, who share our vision for becoming the UK leader in online manufacturing - watch this space!”