London’s B2B manufacturing platform Geomiq has raised £2.9 million in a seed round to provide on-demand CNC machining, injection moulding, 3D printing, and sheet metal fabrication services.
The raise was led by Samaipata and joined by Sova VC, Fuel Ventures, Tekton Ventures, and Eka Ventures. “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,” comments Samaipata’s founding partner Jose Del Barrio.
Co-founded in 2016 by mechanical engineer Sam Al-Mukhtar marketplace entrepreneur William Hoyer Millar, Geomiq aims to connect engineers with manufacturers and streamlines the entire manufacturing process from quote to delivery.
Globally, the low-volume manufacturing market is valued at $95 billion and is projected to grow steadily at 12% per annum. Needless to say, a global pandemic hasn’t exactly helped supply chains, and this is exactly where Geomiq steps in with their agile manufacturing network and tech stack.
“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,” adds Sova VC partner Alex Chikunov
To date, Geomiq has fulfilled 5 million part orders throughout Europe and counts over 3,000 customers worldwide including GE, BMW, Transport for London, and Brompton Bikes.