New finance supports growth for MFG.com
MFG.com, the global online marketplace for the manufacturing community, today announced that it has received $26 million in financing.
The investment was led by Fidelity Ventures and Fidelity Asia Ventures, with an additional contribution by existing investor European Founders Fund (EFF). The funds will be utilized for MFG.com's continued global expansion, technology development, creation of innovative new online services and potential acquisitions.
MFG.com also announced that Fidelity Ventures partner, Larry Cheng, has joined its Board of Directors. Cheng joins current board members Mitch Free, CEO and Founder of MFG.com and Steve Campbell, Chief Investment Officer, Bezos Expeditions (a private investment firm of Jeff Bezos).
In addition, Fidelity Asia Ventures managing partner, Daniel Auerbach, has joined as a board observer. “The manufacturing industry is one of the world’s largest vertical markets and represents a high potential market for a B-to-B marketplace because of its size, inherent globalization and fragmentation,” said Cheng who currently serves on the boards of Prosper, eCredit, mindSHIFT Technologies and as a board observer on The New Orleans Exchange.
“MFG.com has demonstrated strong historical growth and built a world-class platform that we are confident positions them to further capitalize on the converging trends that are transforming the manufacturing industry: accelerated globalization and increased Internet utilization.”
The MFG.com marketplace facilitates billions of dollars in manufacturing transactions annually by connecting buyers and suppliers of manufactured products around the world. With offices in North America, Europe and Asia, MFG.com supports 10 languages and 12 currencies allowing its members to connect instantly without geographical or technological barriers.
“Our continued global growth was not dependent on raising additional capital, particularly given the profitability of our core business and the commitment of our existing investors Bezos Expeditions and European Founders Fund,” explained MFG.com Founder and CEO Mitch Free. “However, we were particularly impressed with the strategic value that Fidelity Ventures’ and Fidelity Asia Ventures’ could offer based on their domain expertise and global reach, as evidenced by their successful investments in other online B-to-B marketplaces, including Alibaba.com.
"Their investment and involvement in MFG.com will further accelerate MFG.com along the path of becoming the dominant platform upon which the world’s manufacturing community conducts business.”
