Following a enormously successful crowdfunding campaign on Kickstarter last year where Formlabs raised almost $3 Million for their 3D printer, the company has received significant financing from investors.
Formlabs, the designers and manufacturers of the Form 1 3D printer, announced $19M in Series A financing. DFJ Growth led the round, joined by Pitango Venture Capital, Innovation Endeavors and many returning angel investors. Formlabs will use the capital to expand its world-class product, design, and research teams, while growing its marketing and customer support capabilities internationally.
With this latest round of institutional capital, Formlabs takes the next step, demonstrating the power of crowdfunding and community support in growing an idea from conception to maturity.
“There is still a wide open space in front of us to continue innovating and bringing incredible new products to the market; with these new resources, we’ll be able to continue to push the envelope, making extraordinary new tools available around the world,” co-founder Maxim Lobovsky said, “The group we’re putting together to get here is the most creative and passionate team working in 3D printing and I’m personally excited about using this new investment to grow our team and take digital fabrication to the next level.”
Formlabs has seen tremendous growth in the last year and is now expanding into an 11,000 square-foot facility in Somerville, Massachusetts.
“We’re going to use every inch. There’s a lot of work to do, so we are thrilled to have DFJ Growth and Pitango onboard,” said co-founder Natan Linder, “”We’re looking forward to expanding internationally, and bringing a professional 3D printing experience to people around the world.”
“We are very excited to partner with Formlabs on their next phase of growth,” said DFJ Growth Managing Director Barry Schuler, who will join the board. “Max and the entire Formlabs team have done an amazing job with the Form 1 printer, a big advancement in the new industrial revolution.”
The company is also planning on announcing PreForm 1.0 soon—a milestone in the development of its easy-to-use, powerful 3D-printing software. Formlabs’ PreForm software allows everyone, from novice to professional, to print 3D models with just a few mouse clicks.
Formlabs is near completion of fulfilling their rewards commitments to their Kickstarter backers. The company has shipped over 900 of the original printer rewards in its Kickstarter campaign. Over the past six months, the company has shipped hundreds printers to its earliest backers in more than 35 countries. This represents a tremendous achievement for the team, which one year ago had only a working prototype prepared.
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