Mcor Technologies Continues Extraordinary Annual Growth; Secures $12m from WHEB; Reports Increases of 308% in Sales and 227% in Channel
DUNLEER, Ireland, June 12, 2014 /PRNewswire/ -- Mcor Technologies Ltd, manufacturer of the only line of desktop paper-based 3D printers, today reported continued phenomenal growth during the past year, with increases of 227% in the sales and distribution channel, and 308% in sales of their unique low cost, True Colour, professional-quality 3D printers. The announcement was made this morning at RAPID, Cobo Center, Detroit Michigan, in Mcor booth #1304.
This rapid expansion prompted a new infusion of a total round of $12m in growth capital for Mcor led by investment firm WHEB. WHEB is a specialist investment manager focused on opportunities created by the global transition to more sustainable, resource-efficient and energy-efficient economies. The firm manages circa €450 million across a range of investment strategies. These include private, listed equity (investing in listed companies which provide solutions to sustainability challenges) and infrastructure (investing in renewable energy infrastructure projects in Europe). The firm has offices in London and Munich.
"We very much look forward to working together with Mcor to help them capitalise on their impressive growth potential," says Dr. Alexander Domin, Partner at WHEB, who led the deal. "The 3D printing market has experienced tremendous growth recently, and Mcor is well poised to take advantage of this trend thanks to its truly unique technology. Mcor's 3D printers allow users to print objects in high resolution colour, while at the same time using environmentally friendly materials that cost 5 to 20 percent that of other technologies' models, potentially saving users hundreds of thousands of dollars over several years of ownership. As such, this deal perfectly exemplifies the resource efficiency and growth opportunity themes in which WHEB invests."
"We are experiencing strong demand internationally for our products and this investment from WHEB will allow us to deliver on our exciting sales pipeline and, together with WHEB, build Mcor into a global 3D printing company," said Dr. Conor MacCormack, co-founder and CEO of Mcor Technologies. "We now have all the ingredients necessary to create a dominant 3D printing technology company with new and innovative products on the horizon."
- Mcor increased the number of employees by 69%, adding professionals with deep 3D printing expertise, including industry veteran, Graham Lindsay, Mcor's new Sales Manager, EMEA. The company continues to recruit employees for positions in sales, engineering, R & D and production, and plans to double their workforce in the next 12 months.
- Mcor's sales and distribution channel grew 227%, expanding market coverage and propelling sales across industry sectors and geographies worldwide.
- Sales of Mcor's low cost, environmentally friendly 3D printers climbed 308%.
Innovative New Technology
- Mcor IRIS became the first 3D printer to adopt the international colour standard for unprecedented 3D printing colour accuracy.
- Mcor unveiled a one-click automatic file fixing solution.
- Mcor Technologies Announces 2X Speed Increase for the IRIS and Matrix Lines of Paper-Based 3D Printers, making the lowest cost, highest-fidelity colour 3D printing even faster.
- Mcor Technologies introduces new finishing option for IRIS and Matrix line of 3D printers, Mcor FLEX, providing flexible 3D printed model properties while remaining low cost, durable and eco-friendly.
About Mcor Technologies Ltd
Mcor Technologies Ltd, winner of the 3D Printshow Brand of the Year Award, is an innovative manufacturer of the world's most affordable, full-colour and eco-friendly 3D printers. They are the only 3D printers to use ordinary business A4 and letter paper as the build material, a choice that renders durable, stable and tactile models. Established in 2004 with a talented team of specialists in the area of 3D printing, software and CAD/CAM, Mcor's vision is to make 3D printing more accessible to everyone. The company operates internationally from offices in Ireland, the UK and the US. www.mcortechnologies.com.
SOURCE Mcor Technologies Ltd