Manufacturing startup Zetwerk raises $ 210 million in funding

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Startup Zetwerk raised $ 210 million in new funding less than six months after closing a previous investment of $ 150 million at a valuation of $ 1.33 billion.

The new round of funding was reported by Inc42 on Tuesday. Bangalore-based Zetwerk is said to have raised capital from a group of funders including ICONIQ, IIFL, Steadview Capital and D1 Capital Partners. Greenoaks Capital Partners was the lead investor.

Zetwerk’s latest funding round is described as ongoing, suggesting the startup could potentially raise more than $ 150 million. It would also be possible for the startup to raise debt financing as part of the investment.

Greenoaks, who led the round, also contributed to the previous $ 150 million Series E investment announced by Zetwerk in August. At the time, TechCrunch reported that the startup’s revenue had tripled in 2021 to reach $ 128 million.

Zetwerk operates a business-to-business marketplace that connects businesses to small manufacturers. The startup also offers project management features that help organizations coordinate manufacturing projects.

According to Zetwerk, companies can use its platform to order a wide variety of items, from electric vehicle components to assembly lines. The startup focuses on three main areas: precision parts, consumer goods and capital goods, a category encompassing assets such as industrial machines used in the manufacture of products.

Zetwerk said that the more than 2,000 suppliers in its market manufactured north of 10 million pieces in 2021, against 1 million the previous year. The startup is experiencing particularly strong growth in the consumer goods segment. In February, Zetwerk disclosed that its consumer goods business represented 15% of its total turnover when it had been launched less than six months earlier.

To help businesses manage manufacturing projects, Zetwerk provides a console as part of its marketplace that makes it easy to share product plans with suppliers. The startup also offers a companion app and project management features.

Zetwerk has raised more than $ 600 million from investors since launching in 2018, according to Crunchbase The data.

Zetwerk is the latest in a series of manufacturing-focused startups that have raised funds in recent months. Previously, in August, Rapid Robotics Inc. firm a $ 36.7 million funding round led by Kleiner Perkins and Tiger Global. The startup makes industrial robots that use artificial intelligence to automate common tasks and are described as easier to deploy than competing systems.

Image: Zetwerk

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