Online manufacturing marketplace gets funds to fuel expansion

The investment was led by Fidelity Ventures and Fidelity Asia Ventures, with an additional contribution by existing investor European Founders Fund. The funds will support MFG.com's continued global expansion, technology development, creation of innovative new online services and potential acquisitions. 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. Since its founding in 2000, MFG.com has grown to become the largest online manufacturing marketplace in the world. In 2006 the company acquired Geneva-based SourcingParts.com. Together, the strategic combination has already helped MFG.com achieve a critical mass of over 100,000 registered buyers and suppliers that have adopted the platform as their preferred way of doing business. “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.” Pictured: MFG.com headquarters in Atlanta, Georgia, USA