Seattle-based 3D printer company Glowforge has raised $43 million.
The round, announced Wednesday, will help the company shore up its cash reserves during uncertain times, according to Glowforge co-founder and CEO Dan Shapiro. He said the company plans to hire at least two dozen employees over the next few months, adding to the company's current headcount of roughly 180.
"It is a huge advantage to be able to have a little extra inventory in case shipping seizes up," Shapiro said. "Manufacturing is difficult. It can be cash intensive."
Shapiro said Glowforge made the decision last year to adopt remote work and hire from anywhere. Certain employees, like hardware engineers, still come into the office, as the company has lab space in Sodo and studio space in Pioneer Square. Shapiro himself goes in about once a week. He added that he is skeptical of hybrid work because it's important to commit to something, and adopting remote work helps with diversity. Glowforge does try to get its team together a few times a year, Shapiro said, and the company does still like having access to the talent in Seattle.
Glowforge, founded in 2015, allows customers to print with materials like hardwood, cardboard, leather and chocolate. The printers can cut, engrave and etch products from the materials, according to the company. On its website, the printers range from $3,995 to $6,995, depending on the model. Shapiro said Glowforge has "hundreds of thousands" of customers.
DFJ Growth led the round, while Foundry Group, True Ventures and Revolution Growth participated. DFJ Growth's portfolio includes Twitter, Tesla and Stripe, as well as the Seattle-based sales technology company Outreach.
Moving forward, Shapiro said the company is looking to get more heavily into schools.
"Kids as young as kindergarten and as adult as the grad students at UW have access to these devices that they can use in the course of their studying," Shapiro said. "Sometimes they're used in engineering and prototypes. Sometimes they're used in art class. Sometimes they're used in humanities classes to go create incredible designs in entrepreneurship and the like. That really touches my heart."
