MacroFab secures $42M funding as US OEMs ramp up nearshoring and reshoring of electronics production
Electronics manufacturing firm, MacroFab, announces a successful funding round of 42 Million USD as part of its expansion plan into the United States and Mexico.
MacroFab, a venture-funded electronics manufacturing platform, has successfully raised $42 million in funding to expand its services in the US and Mexico. The funding round was led by Foundry Group, a large venture fund, and included participation from other well-known ventures and existing investors. MacroFab aims to provide end-to-end electronic manufacturing solutions to its customers and help them build products efficiently.
With its digital-first approach, MacroFab has already achieved considerable market share in the last 3 to 4 years. The new expansion plan of the company aimed at addressing the growing demand for local manufacturing facilities, especially due to the current disruptions in the global supply chains. Customers are looking for more resilient supply chains and are keen to have greater control over their production processes. MacroFab helps its customers achieve these goals by providing access to over 100 factories in the US and Mexico.
The electronics manufacturing industry is in the process of digitization, and MacroFab is at the forefront of this transformation. With its extensive network of factories, warehouses, and production lines, MacroFab offers its customers a unique advantage. The company takes on the role of a manufacturer of record for fully assembled electronics products, and its customers can benefit from the company’s expertise and experience.
The recent funding round will be used to expand MacroFab’s services in the US and Mexico.
There has been a recent increase in US companies’ focusing on reshoring and nearshoring electronics manufacturing In the past 12 to 18 months. Due to such demand MacroFabs Houston facility has been relocated to a facility 3 times the size, showcasing the companies ability to grow with the industry.
According to MacroFab, their customers will benefit from the company’s financial stability, which has been bolstered by the recent funding round. The company believes that some electronics manufacturing factories face the risk of shutting down due to the current turbulent environment of the global economy. MacroFab’s investors have provided the company with a healthy balance sheet, which will help to ensure that the company can weather any economic downturns.“Electronics manufacturing is moving toward resilience and flexibility to reduce supply chain disruptions. These are long term trends recognized by Foundry and BMW i Ventures, who joined this round as investors. We are in the earliest stages of repositioning the supply chain to be more localized and focused on what matters to customers most – the ability to deliver product on time, meet changing requirements and achieve a more sustainable ecological footprint. MacroFab is fundamental to building this new operating model,” says Misha Govshteyn, CEO of MacroFab.