Caracol closes €10 million Series A round

Caracol, a leader in industrial large format 3D printing, closed a €10.6 million 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, its 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 and 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, which 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.”Francesco De Stefano, CEO and Co-founder of Caracol

Caracol will expand the presence of its technology, Heron AM, internationally. Following the product’s launch in September last year, the objective is to equip manufacturing companies with cutting-edge machines 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, which 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.

“We are very happy to support Caracol’s growth” comments Enrico Filì, Head of the Industry Tech division for the fund Corporate Partners I of CDP Venture Capital, “This is a further operation for IndustryTech division, launched together with large industrial groups like Adler Group, Camozzi, Bolton and Marcegaglia. This investment represents a great example of Italian technology that intercepts the needs of the manufacturing sector, the central strategy for our fund. It rewards a first-rate team with ambitious objectives in terms of growth in international markets”.

“Neva SGR continues investing in Italy and does so in a sector that has always been central for the country’s economy, that of manufacturing Industry 4.0. The investment in Caracol, in its technology and in its care for sustainability and circular economy, go in the direction of recognizing an example of Italian excellence, ready to grow in international markets,” stated Mario Costantini, Chief Executive Officer and General Manager of Neva SGR.

Matteo Cascinari, General Partner of Primo Space Fund added: “In a very short time, Caracol has been capable of affirming its solutions in different sectors and particularly in space, notoriously a very complex and technologically advanced market, also with an eye to sustainability. Together with other qualified investors, we’ll finance the continued growth and international expansion of the company, confident that its founders and all its team will be able to meet the challenge with skill and resolve.”

Stefano Peroncini, CEO EUREKA! Venture SGR concluded: “Thanks to this new important investment round we renew Eureka!’s trust in Caracol and its brilliant team, which has proved its ability to effectively implement an ambitious technological and entrepreneurial plan, integrating and enhancing robotics and additive manufacturing, with a distinctive approach to circularity and sustainability.”