Investment into digital manufacturing platform Geomiq

Seneca Partners completes investment into digital manufacturing platform Geomiq

Solving critical supply chain risks and streamlining the manufacturing industry

Seneca Partners (“Seneca”), the specialist SME investment business based in the North West, has made a £765K investment into Geomiq Limited, the UK’s leading digital manufacturing platform. Seneca’s VCT and EIS investment formed part of Geomiq’s wider £7m fundraise to accelerate product plans, expand into Europe, and grow the team.

Geomiq was established in 2017 by co-founders Sam Al-Mukhtar and Will Hoyer Millar, to solve critical supply chain risks by leveraging technology and a machine-learning-powered matching system to efficiently connect buyers and sellers of custom manufactured parts. The platform allows engineers and procurement teams to shorten product development cycles and get products to market faster by removing key points of failure.

Customers include BMW, Unilever, Brompton, Ocado, TfL and Saint-Gobain. Since launch, over a million manufactured parts have been generated through the platform and revenue is forecasted to triple in 2023. Geomiq won the manufacturing category at the Supply Chain Excellence Awards in November 2022.

Victoria Edwards, Investment Manager at Seneca Partners commented: “Geomiq represents a stellar investment opportunity for Seneca, and we are delighted to be joining the likes of AXA Partners and Fuel Ventures in this round which should propel the company to new heights. Sam, Will and the team have demonstrated a clear vision and strategy, and they are attacking an underserved and inefficient market, which we think is a recipe for success. Geomiq marks the 46th investment across Seneca’s current EIS and VCT portfolios and fits very well with our investment strategy of backing talented individuals in areas where there is a real opportunity for innovation and growth.”

William Hoyer Millar, Co-Founder at Geomiq said “Recent global events and the rapid rise of the fourth industrial revolution (Industry 4.0) have pushed manufacturing companies over the technological tipping point, transforming the industry forever. There has never been a better time than now for digital transformation of manufacturing and we’re incredibly grateful for this outstanding support from Seneca Partners to solve our customers’ biggest problems.”

Seneca Partners was advised by James Down at Hill Dickinson on legal matters.


Important notice

The contents of this website are a financial promotion and are approved by Seneca Partners Limited of 9 The Parks, Newton-le-Willows WA12 0JQ.

The value of an investment in the Seneca Capital Growth VCT plc may go down as well as up, in which case an investor may not get back the amount invested. The share prices quoted may not reflect the VCT’s net asset value.

Seneca Growth Capital VCT plc’s investments include holdings in private companies which are small and which carry an above-average level of risk to capital and whose shares may not be readily marketable. It also invests in companies quoted on the Alternative Investment Market (AIM) of the London Stock Exchange (LSE) which is generally for smaller, emerging companies and carries a higher level of risk to capital than the main market of the LSE.  The past performance of Seneca Growth Capital VCT plc is not a guide to the future performance.

Any tax reliefs available to investors are dependent on personal circumstances and may change in the future. The tax reliefs available to certain investors in Seneca Growth Capital VCT plc are dependent on the VCT maintaining Inland Revenue approval. If this approval is withdrawn, the VCT will lose its status and all tax reliefs are likely to be cancelled. Investors must retain their VCT shares for five years to retain the up-front income tax relief. The tax rules and regulations governing VCTs are subject to change.

An investment in Seneca Growth Capital VCT plc may not be suitable for all investors. Investors should seek advice from a qualified financial adviser. Nothing on this website should be construed as investment or tax advice.

Seneca Partners Ltd is authorised and regulated by the Financial Conduct Authority.