Global manufacturing marketplace Xometry went public on NASDAQ
June 30, 2021
We are thrilled to announce that our portfolio company Xometry is now listed on NASDAQ! Xometry became the sixth publicly traded company at TA Ventures. On the first day of trading, its shares jumped up to $87.39 per share, which is 98% higher than the initial price. In total, Xometry raised about $302 million, with a capitalization of $2.7 billion.
As of 2019, Shift GmbH was Europe’s largest network of CNC machining companies. Shift’s digital platform organized order processing between manufacturers and customers in over 20 countries. The platform helped the customer to avoid long negotiations about prices, deadlines, or materials, and took care of documentation, communication, and logistics.
In August 2019, TA Ventures invested in the startup Shift, which later this year was acquired by the US competitor Xometry.
“When we invested in Shift, it was mainly to support the great founding team. They had this rare combination of highly relevant experience and a willingness to execute their vision relentlessly. The acquisition by Xometry soon after our investment was a perfect match at the time and helped Xometry to accelerate its international expansion. We could not have foreseen that less than two years after our investment, we would be part of this IPO and the tremendous growth story of Xometry,” says Pawel Schapiro, Partner at TA Ventures.
Xometry filed for an IPO in early June 2021, initially saying it expected to raise $100 million. Upon going public on the NASDAQ, the company’s stock began trading at $44 per share, which was already above the expected $38-$42 range. By market closing, the stock price had jumped to $87.39 price, which was 98% higher than its original price. This allowed Xometry to raise about $302 million.