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.
in the last year
the last year
in deal flow through
From Zero To A $5 Million
Backlog In Three Months
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.”
Scale Without Stopping
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.
Partner With Next47, Siemens
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.”
What’s Next For Markforged?
“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.”