Caracol, a developer of industrial large format 3D printing, has raised €10.6 million in a Series A investment round, with CDP Venture Capital, Neva SGR, Venture Capital from Intesa Sanpaolo Group, and Primo Space Fund and EUREKA! Venture SGR – already investors in Caracol.
This round culminates the swift growth Caracol experienced in the past years, tripling its turnover in 2022. It affirms both the company’s leading role and the relevance of its technological solution Heron AM, the large format additive manufacturing platform, setting the grounds for an international expansion. The deal was completed successfully thanks to the support and coordination provided by the financial advisor Growth Capital, together with law firms Fieldfisher, HiLex, Almasta, and Linklaters.
The funds will propel Caracol towards a global future, supporting its ability to accomplish the demanding objectives set in its strategic plan. “This round is the crowning achievement in our journey of tremendous growth, that has led prominent companies in sectors such as Aerospace and Marine to validate our technology. Thanks to the trust bestowed by major Italian funds and the great support received by our advisors, coordinated by Growth Capital, we’ll now have the possibility to accelerate the presence of our solutions in global markets, continuing to develop and consolidate the technology that will accelerate a more efficient and sustainable future for the manufacturing world” comments Caracol’s CEO and Co-founder, Francesco De Stefano.
Caracol will expand the presence of its technology, Heron AM, on an international scale. Following the product’s launch in September last year, the objective is to equip manufacturing companies with a cutting-edge machine that can help overcome existing limits in traditional production processes in terms of efficiency, sustainability, and flexibility. The funding round will support the company’s further development of its partners network both for the technical progress and for the commercialization of Heron AM in key European and global markets.
Additionally, to consolidate its presence in key regions, Caracol will be opening two new hubs in North America and in the Middle East, with dedicated local teams. This operation will lead the company’s team to triple in around two years, to about 120 employees in 2024.
This expansion will be backed by investments in Research & Development, that account for 40% of revenues, on which the company built its technological leadership through the years. The aim is to continue developing the turnkey large format solution Heron AM, both in terms of hardware and software, expanding the range of materials processed, broadening potential applications produced, and improving the technical performance of the offered solution.
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