B2B manufacturing platform Geomiq has today announced an approx. €3.3 million seed round, with funding raised from a consortium of investors, including Samaipata, Sova VC, Fuel Ventures, Tekton Ventures, and Eka Ventures.
Co-founded in 2017 by mechanical engineer Sam Al-Mukhtar and second-time marketplace entrepreneur William Hoyer Millar, 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.
As an essential business and supplier to key medical, robotics, and automotive and 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.
“There has never been a better time than now for digital transformation of manufacturing,” said Will Hoyer Millar, Co-founder and CCO at Geomiq. “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.”
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.”
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.”
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!”