Geomiq, a UK startup that matches manufacturers with suppliers through its digital platform, has raised $8.5m (£7m) in a Series A funding round shared exclusively with UKTN.
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,” Geomiq CEO and co-founder Sam Al Mukhtar told UKTN.
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.
Manufacturing as a service
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.”
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