Estonian manufacturing start-up Fractory secures €5 million in funding
💡 Venture Highlights:
- Fractory – A cutting-edge, Manchester-based startup founded by mechanical engineer turned entrepreneur Martin Vares, with partners Joosep Merelaht and Rein Torm, has snagged €4.8 million in funding for their cloud manufacturing platform that revolutionizes the industry by connecting engineering companies with the manufacturing market.
- Kvanted – The strategic investment firm leading the funding round, Kvanted, focuses on resparking industrial technologies across Northern Europe.
- Expansion – The funds will be channeled towards bolstering the company's presence in key markets, primarily in the United Kingdom and Scandinavia.
- Other Investors – Venture capital groups, angel investors, and industry leaders like Superhero Capital, OTB Ventures, Trind Ventures, United Angels VC, Startup Wise Guys, and Verve Ventures, have invested in Fractory since its inception in 2017.
🚀 Fractory: Mashing Data into Power
Need manufacturing help for your next project? No problem – just upload your CAD files to Fractory's innovative platform, and their smart algorithm will do the rest! The algorithm analyzes various factors, including cost, location, materials, and manufacturing methods to choose the ideal manufacturing partner for the job. Engineers and purchasing managers can make the switch from data collectors to decisive decision-makers, streamlining the entire manufacturing process!
🎉 Fractory by the Numbers
Located in the vibrant city of Manchester, UK, Fractory boasts a robust team of 64 employees and a turnover of nearly €15 million in 2022. The company mainly operates in Scandinavia and the UK.
💔 Beyond Fractory's Horizon
The newfound capital will fuel Fractory's expansion in the UK and Scandinavia, facilitating their coveted influence in these competitive markets. When probed about specific details, it's best to keep an eye out for official announcements or press releases from the company for the most current information.
🔎 Curious about the region?
Outlet Centres International recently received the green light for their factory outlet development in Arlandastad, Sweden – the first of its kind in Scandinavia! Additionally, Beck & Pollitzer reinforced their expansion strategy with plans to establish themselves in Sweden, supporting large-scale removals and installations across the region. Stay tuned for more exciting developments in the Scandinavian markets!
- Estonia, being home to the smart minds behind various successful startups, is poised to inspire more innovation in the industry, like the funded cloud manufacturing platform Fractory, established by Estonian entrepreneurs Martin Vares, Joosep Merelaht, and Rein Torm.
- Businesses throughout Scandinavia might find growth opportunities in partnering with Fractory, a technology-driven company that's expanding its presence in the region, courtesy of funding from strategic investors like Kvanted.
- The financial backing accelerates Fractory's ambition to dominate the market, as they plan to invest in recruiting skilled professionals and establishing strong footholds in key locations such as Estonia, expanding their existing base in the United Kingdom and Scandinavia, all while fostering technological advancements in the manufacturing sector.
