Markforged is defining the future of manufacturing

Markforged is defining the future of manufacturing

Leveraging our deep industry experience and relationships with Siemens partners around the globe, in the first three months working with Markforged, we helped shore up their supply chain, improve their technology, and signup customers, bringing that future closer, faster.

  • 300%

    revenue growth
    in the last year

  • 2X

    output in
    the last year

  • +$5M

    in deal flow through
    catalyst team

From Zero To A $5 Million
Backlog In Three Months

In 2011, Markforged CEO Greg Mark learned a lucrative lesson: In business, if you aren’t being efficient, you’re losing customers; you’re losing time; and most importantly, you’re losing money.

At the time Mark was CEO of Genasun, and with the help of a 3D printer was able to manufacture industrial-grade equipment for the United States Marine Corps.

By significantly reducing the time it took to get a part and cutting out the middleman, Mark landed an advantageous Navy contract for Genasun, which catapulted him in his two-year research and development quest to create tools that would help people change the world.

Fast forward to today: As the world’s first provider of carbon fiber 3D printers, Markforged devices can create prototypes in everything from stainless steel to titanium up to 50 times faster and 20 times cheaper than traditional machining techniques.

“We started with Kevlar,” says Mark. “Then we added fiberglass, carbon fiber, stainless steel, tool steel and titanium. We’ve just always been adding more materials. Any item you can think of, you can now have in your hands the same or next day.”

Today, just five years after its inception, Markforged employs nearly 200 people and has developed advanced software to allow a network of printers to mass produce products.

“Literally within a day Next47 was moving with a different sense of urgency. Over the years, I would expect the relationship to be better and better, especially as we pursue bigger deals.”

Greg Mark

Founder & CEO, Markforged

$6 to $8 billion in total addressable market (TAM) for industrial 3D printing
PROBLEM

Scale Without Stopping

“When you look at this market, 66% of mechanical engineers have never 3D printed,” says Mark. “That’s an extraordinary number, and it suggests that bountiful forecasts of $6 to $8 billion in total addressable market (TAM) for industrial 3D printing are probably conservative.”

In the past year, Markforged revenue has grown 300 percent and there’s plenty of outsized, organic growth to come. According to Mark, 35 percent of customers buy a second printer within a year after noticing the cost and productivity benefits of printing in-house over paying a service bureau to provide a similar prototype later and for considerably more money.

“The fleet of Markforged printers deployed around the globe is printing twice as much this year as last,” Mark says. “Part of it is the printers have improved and software has gotten better, but an even larger part is because customers have realized the products actually work. When you can just walk 20 feet, hit go and it costs you $5 to try it out, people print so much more than they expected to.”

Meeting the increased demand has, at times, proven to be a challenge. Recently, a shortage at its principal chip supplier put Markforged in danger of failing to complete customer orders for the first time in company history. Its relationship with Next47, however, helped Markforged sidestep catastrophe and stay on track.
66% of mechanical engineers have never 3D printed
SOLUTION

Partner With Next47, Siemens

Markforged and Next47, Siemens’ global venture firm, teamed up last fall when Next47 became one of five firms to contribute during Markforged’s $30 million round C venture funding. Immediately following the round C drive, Markforged and Next47 began a three month, multinational effort to build Markforged’s business, which proved to be crucial during the chip shortage.

After realizing the chip company’s CEO had previously worked for Siemens, Markforged reached out to Next47 who advocated on Markforged’s behalf.

“Instead of some American company thousands of miles away with a tiny market cap calling, we had somebody from Siemens, saying, ‘hey, one of the companies we've invested in needs this chip, how can you help?’” says Mark. “Literally within a day they were moving with a different sense of urgency. Over the years, I would expect the relationship to be better and better, especially as we pursue bigger deals.”

“Working with Next47 and Siemens has taught us how to multiply the funds we’ve raised to grow not just fast but also effectively — that’s the power of having an investor who’s also your most savvy customer.”

Greg Mark

Founder & CEO, Markforged

Successes To Date

Within the first three months, the Siemens’ Catalyst team introduced Markforged into 16 Siemens business units, and had two Markforged executives present in the Siemens booth at Germany’s Hanover Fair this past April and during Innovation Day at a Siemens facility in Chicago.

The two events assisted in providing Markforged with dozens of new leads, over $400,000 in orders and $5 million in deal flow.

“We had a few options when we did the C round,” says Mark. “One of the big reasons we picked Next47 and Siemens is because Siemens is manufacturing. The partnership fits well with the brand we're building. Siemens isn't making iPhones; they make the industrial, heavy duty gear our printers service.”
Within the first three months, the Siemens’ Catalyst team introduced Markforged into 16 Siemens business units
LOOKING AHEAD

What’s Next For Markforged?

To stay competitive within the global market, Markforged and the Catalyst team have connected on a six month project to better scale the company for the world marketplace. Stateside, the Markforged team will continue working with a handful of Siemens divisions to test new materials and printer functions.

“As an entrepreneur you’re always learning,” says Mark. “Working with Next47 and Siemens has taught us how to multiply the funds we’ve raised to grow not just fast but also effectively — that’s the power of having an investor who’s also your most savvy customer.”