Manufacturing Technology Solution Provider Caddi raises $89m
The round of Series C funding has secured $89m raising total capital to $164m, and was co-led by existing investors including Globis Capital Partners, DCM Ventures, Global Brain, World Innovation Lab (WiL), JAFCO Group and Minerva Growth Partners with participation from four new investment partners.
CADDi international growth
The company has seen significant growth since the round of Series B funding in August 2021. It has expanded from 230 to 590 employees and has increased their global footprint, and has recently established a US division and Mexico supplier operations to cater to American manufacturers.
In the funding announcement, the company said “CADDi is committed to rapid expansion in pursuit of our mission to unlock the potential of customers, partners, employees, and all entities engaged in manufacturing.”
The new round of investment will be mainly used to grow the CADDi manufacturing division, enhance the technological capability of CADDi Drawer, and further expand their global workforce.
These steps will look to help them achieve ambitious goals of generating $10 billion in revenue by 2030, with CADDi Drawer contributing over $100 million in ARR within a few years and $1 billion in revenue by 2030. A significant building block of that strategy is growth in the North American market with the US office expanding to 100 employees within a year.
CADDi Manufacturing and CADDi Drawer
CADDi was first established in November 2017, with the aim of revolutionising the manufacturing sector. Their strategy for that ambition is by providing two innovative solutions: CADDi Manufacturing, which is a parts procurement platform, and CADDi Drawer, a cloud service for managing drawing data.
The news comes after expansion of their global office base in recent months, with the opening of a new site in Chicago in January 2023, and in Hanoi in March 2023.
Find out more here about how CADDi Drawer aims to reduce procurement expenses.
The funding comes after San Francisco-based Zip secures US$100M in Series C funding, fuelling its mission to transform procurement with innovative solutions and rapid growth.
