Fulcrum raises $18M to fuel the future of manufacturing
Fulcrum, cloud software for manufacturers, closed an $18 million Series A2 funding round led by Bessemer Venture Partners, bringing total funding raised to date to $39.9 million. The new capital will be used to expand the depth of the existing feature set and work toward a lofty goal of connecting manufacturers up and down the supply chain to unlock the power of their collective craft.
“The landscape of manufacturing has changed quickly over the last decade with significant technological advancements in machinery. Now that machinery is no longer the bottleneck, software is holding the industry back,” said Sunny Han, Fulcrum Founder and CEO. “By rethinking the systems they rely on daily, we have the opportunity to help manufacturers thrive. Our traction to date shows the market is ready for a new solution.”
Han spent nine years building custom software for manufacturers and integrating with their existing ERP systems. It became clear there was a bigger need to create a network to help manufacturers work smarter and innovate faster. The first step in solving this problem was creating new software to replace legacy systems.
“Fulcrum is the only team reinventing what’s possible in manufacturing software. We’re excited to continue our commitment to fundamentally change manufacturing,” said Brian Feinstein, Partner at Bessemer Venture Partners.
Bessemer was born from changes in the steel industry that transformed manufacturing, ushering in skyscrapers and a broader rail network, among other big leaps. It has funded transformative changes in other industries with investments in Toast, Shopify, Twitch, and hundreds more. Their continued commitment to Fulcrum helps power the next wave of industrial innovation, this time through software instead of steel.
Manufacturing accounts for 17% of the global economy, per the United Nations. Fulcrum’s small and mid-sized customers annually produce $1.6 billion worth of precision parts, sheet metal structures, custom signage, wooden furniture, and much more. These businesses have higher throughput, lower scrap rates, and better margins by switching to Fulcrum. Thousands of users across North America, South America, Europe, Asia, and Australia rely on the software daily.
This round of funding had participation from existing institutional investors Battery Ventures, Motivate Venture Capital, Schematic Ventures, and a new investor, Waybury Capital. Individual investors who participated include Daren Cotter, Founder of InboxDollars; Craig “Tooey” Courtemanche, CEO and Founder of Procore; and Vahe Kuzoyan and Ara Mahdessian of ServiceTitan.