fbpx

Geomiq raises £7m to digitise manufacturing supply chains

Geomiq, a UK startup that matches manufacturers with suppliers through its digital platform, has raised $8.5m (£7m) in a Series A funding round.

Global supply chain disruption, in large part stemming from the Covid-19 pandemic, has been causing backlogs across multiple sectors but has been particularly painful for the manufacturing industry.

The pandemic also forced companies to embrace digital transformation in supply chains, which is where London-based Geomiq saw an opportunity.

“The pandemic accelerated companies moving to a digital procurement strategy rather than an online one,” said Geomiq CEO and co-founder Sam Al Mukhtar.

The startup’s digital platform aims to streamline the process of manufacturers securing the supply of materials. Geomiq links suppliers with manufacturers, using machine learning to match the appropriate supplier to the right manufacturer.

Geomiq – which serves clients in the electric vehicle, aerospace, automotive, robotic, and medical industries – makes a percentage on each transaction made via its digital platform.

Founded in 2017, Geomiq says its platform is used by more than 1,200 professional engineers and procurement teams to source machine parts.

Mukhtar said that sending “parts into space was a particularly exciting moment and we are looking forward to hitting new heights in the years to come”.

The Series A round was led by AXA Ventures and featured participation from TechNexus Venture Collaborative and existing investors Samaipata and Fuel Ventures.

“We are very pleased to announce our new partnership with Geomiq, a B2B manufacturing platform that is disrupting this historically traditional industry by streamlining their processes,” said François Robinet, managing partner at AXA Venture Partners.

“Their digital offer is a game changer, as they gather all key players in the value chain under one roof, from quote to delivery. Their approach to manufacturing as a service (MaaS) plays a critical role in the industry’s future.”

The new funds will go towards further developing the company’s software, as well as supporting a significant boost in hiring as the team looks to take on more clients outside of the UK.

Geomiq has already hired an additional 10 staff members since its new funding round and is expected to further grow the team with 20-30 more people.

In 2021, Geomiq raised £2.9m in a seed funding round from “Samaipata, Sova VC, Fuel Ventures, Tekton Ventures, and Eka Ventures.”

Success is not given, it is earned. Congratulations to the entire team at Geomiq on your funding. I wish you the best in all your ventures.

Shishir Gupta, Founder and CEO, StartupLanes

Don’t keep wondering about funding, you can also raise funds. Learn how to raise funds here: Yes I want to raise funds.

If you are an emerging startup and are looking for investors to raise funds, StartupLanes has its own angel network and investment banking services and is connected to angel investors and VCs in 15 countries that ensure that our member startups have easy access to external funds to scale up constantly.

You can subscribe to our news posts by entering your email in the box on the right side of this page.

Check out our YouTube channel for insightful content from the Indian startup ecosystem.

Or join our Whatsapp group to interact with other founders: Yes, I want to join the Whatsapp group.

The right investment is key to beating inflation and growing your wealth. Do you wish to become an angel investor? Yes, I want to be an angel investor.

Are you a startup and facing challenges in your business? Do you want to grow your business? It is not as difficult as it sounds. Learn how to grow your business here- Yes, I want to grow my business.

For any rectifications, reach out to nicole@startuplanes.com

Tags

top