Mosaic Manufacturing Ltd. has raised $28 million CAD in growth equity financing to expand the production of its innovative 3D printers. This funding, announced on Wednesday, will allow Mosaic to scale its homegrown 3D printing systems, which are built in Canada and designed for industrial use.
The equity round was led by Montréal-based Idealist Capital, with additional investments from previous backer Freycinet Ventures, based in Toronto. François Boudreault of Idealist Capital will join Mosaic’s board, alongside the company’s co-founders Mitch Debora, Derek Vogt, and Chris Labelle, as well as Freycinet’s James Appleyard. Private family offices also participated in the round, although they remain undisclosed.
Scaling in Response to Increased Demand
Mosaic’s CEO, Mitch Debora, explained that the company has seen growing demand from manufacturers seeking to onshore their supply chains. This trend, known as nearshoring, has gained momentum as companies look for ways to shorten supply chains in response to disruptions caused by the pandemic and global geopolitical tensions.
“We raised this round of funding because we were seeing strong traction with manufacturers adopting our technology to onshore their supply chains,” Debora said in an interview with BetaKit. “Having had the money for a few months, we’re already in the scaling phase and working to bring our technology to more factories.”
Mosaic, founded in 2014, has secured $10 million USD in previous funding from investors including Techstars, Real Ventures, and SOAN. This latest round of $28 million CAD will support the company’s efforts to expand its 3D printing systems and grow its customer base.
Innovative 3D Printing Systems
Mosaic is known for its automated 3D printers, which are used by manufacturers to produce custom plastic parts on demand. The company offers a range of systems, with prices from $10,000 USD to $100,000 USD. The most recent innovation, Array, launched in early 2023 and allows for continuous production with minimal manual intervention.
Array features four printing compartments and a storage area that collects printed parts. As an example of its efficiency, Debora explained that the system can produce up to 30,000 parts over a 72-hour period, requiring no manual oversight throughout the process. Customers can install as many machines as needed to meet their production requirements, making the system highly adaptable.
Expanding Footprint and Future Growth
Mosaic’s 3D printing systems have gained traction among contract manufacturers, particularly those in the medical device, machinery equipment, and automation industries. The company has a customer base in Canada, the United States, Mexico, Germany, and Hong Kong, and plans to expand into new verticals and regions. The recent funding will focus on growing Mosaic’s presence in North America and Europe, with an upcoming announcement about using the technology in consumer textile production.
In addition to expanding its customer base, Mosaic plans to use the new funding to double its current team of 60 employees, based in the Greater Toronto Area, over the next 12 to 18 months. The company is also focused on building out its leadership team and commercial division while strengthening its Canadian-based manufacturing infrastructure.
“We’re really capitalizing on being first to market here, working with some of the biggest companies in the world,” Debora added, noting that Mosaic’s mass 3D printing system operates in a category of its own.