North West-based SME investor Seneca Partners has invested £765,000 into digital manufacturing platform Geomiq.
London-based Geomiq describes itself as the UK’s leading Manufacturing-as-a-Service (MaaS) platform and was founded in 2018.
Seneca’s VCT and EIS investment formed part of Geomiq’s wider £7m fundraise to accelerate product plans, expand into Europe and grow the team.
Geomiq was established in 2017 by co-founders Sam Al-Mukhtar and Will Hoyer Millar, to solve critical supply chain risks.
The company leverage technology and a machine-learning-powered matching system to efficiently connect buyers and sellers of custom manufactured parts.
Since launching, over a million manufactured parts have been generated through the platform and revenue is expected to triple in 2023.
The platform allows engineers and procurement teams to shorten product development cycles and get products to market faster by removing key points of failure.
Customers include BMW, Unilever, Brompton, Ocado, TfL and Saint-Gobain.
Geomiq won the manufacturing category at the Supply Chain Excellence Awards in November 2022.
Victoria Edwards, investment manager at Seneca Partners, said: “Geomiq represents a stellar investment opportunity for Seneca, and we are delighted to be joining the likes of AXA Partners and Fuel Ventures in this round which should propel the company to new heights.
“Sam, Will and the team have demonstrated a clear vision and strategy, and they are attacking an underserved and inefficient market, which we think is a recipe for success.
“Geomiq marks the 46th investment across Seneca’s current EIS and VCT portfolios and fits very well with our investment strategy of backing talented individuals in areas where there is a real opportunity for innovation and growth.”
William Hoyer Millar, co-founder at Geomiq said: “Recent global events and the rapid rise of the fourth industrial revolution (Industry 4.0) have pushed manufacturing companies over the technological tipping point, transforming the industry forever. There has never been a better time than now for digital transformation of manufacturing and we’re incredibly grateful for this outstanding support from Seneca Partners to solve our customers’ biggest problems.”
Seneca Partners was advised by James Down at Hill Dickinson on legal matters.