Shapeways
The marketplace that opened 3D printing to everyone lasted three years on the stock market
- Founded
- 2007
- Closed
- 2024
- Lifespan
- 17 years
- Peak valuation
- $605 million
- Country
- United States
- City
- New York
- Sector
- Hardware
- Founders
- Peter Weijmarshausen, Robert Schouwenburg, Marleen Vogelaar
- Investors
- Royal Philips Electronics, Galileo Acquisition Corp.
- At its peak
- USD 605 million valuation at its 2021 merger with a special purpose acquisition company
- Cause of closure
- Ran out of cash
What did it do?
Shapeways was a manufacturing service and marketplace where people uploaded designs to be 3D printed. It grew from an idea by Dolf Wittkämper in a Philips incubator, became a separate company in 2007 and later moved its base to New York. It opened a factory in Queens in 2012. By 2021 it had printed more than 20 million parts.
Why did it shut down?
In 2021 Shapeways merged with Galileo Acquisition at a USD 605 million valuation with USD 195 million in net proceeds. Plans at the time pointed to USD 150 million of revenue in 2023 and USD 250 million in 2024; the 2023 outlook was cut to USD 34.3 to 35 million. About 24% of staff were cut in October 2023. The third quarter showed USD 8.4 million of revenue against a USD 19.4 million loss. A USD 5 million rescue bid from 3DC was rejected. On 2 July 2024 the company and its subsidiaries stopped operating and filed for Chapter 7, and senior management and the board resigned.
The story
The idea behind Shapeways came out of a Philips incubator in 2005 and became a separate company in 2007. On the platform built by Peter Weijmarshausen, Robert Schouwenburg and Marleen Vogelaar, anyone could upload a model and have it 3D printed. Makers of gaming figures and collectibles opened shops there. A factory in Queens followed in 2012.
In 2021 the company listed through a merger at a USD 605 million valuation. The plan was ambitious: USD 250 million of revenue in 2024. In reality 2023 revenue came in at around USD 35 million. Late in 2023 the company cut almost a quarter of its staff.
By mid-2024 the money had gone. A small note taken in June went on payroll, the Chapter 7 filing came on 2 July and the whole leadership resigned.
There is a small epilogue. The Dutch unit went through a separate bankruptcy, and former managers with co-founders Vogelaar and Schouwenburg bought the assets through Manuevo and restarted production in Eindhoven. But the listed New York company was liquidated.
Lessons for founders
- A forecast in a listing deck becomes your promise. Write USD 150 million and deliver USD 35 million and the market will not trust you again; base the forecast on your worst case.
- Turning a business built on a niche community into industrial production is like starting a new company. Work out how long your core revenue will last during the move.
- If you are borrowing USD 669,500 for payroll, the decision point has already passed. Before refusing offers, compare them with the cost of closing.
Sources
- Shapeways ceases operations and files for bankruptcy (TCT Magazine, 2024-07-03)
- Shapeways executives resign as 3D printing service files for bankruptcy (3DPrint.com, 2024-07-03)
- Shapeways bankrupt, $5M rescue bid rejected (3D Printing Industry, 2024-07-04)
- Shapeways (Wikipedia)
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