Evolution AM Holdings, the parent company of Evo 3D and Rapid Fusion, has secured a £400,000 growth loan from British Business Bank’s South West Investment Fund via appointed fund manager, The FSE Group.
Supporting the commercialisation of Evolution AM’s latest innovation, Medusa, the funding will drive research and development, marketing efforts, and job creation to enhance product rollout and client service, positioning the business at the forefront of the rapidly expanding 3D printing market.
Evo 3D, which distributes and sells large-format additive manufacturing (LFAM) 3D printers, alongside Rapid Fusion, an original equipment manufacturer, are strategically poised to capitalise on the growing demand for 3D printing technologies. The market, valued at approximately $20 billion in 2023, is projected to exceed $100 billion by 2032, with industries such as aerospace, automotive, and energy driving growth.
Jake Hand, Group Managing Director at Evolution AM which is based at Skypark on the edge of Exeter, said: “This South West Investment Fund loan is helping us bring Medusa to market, a product we believe will redefine standards in the 3D printing sector. Our experienced team is dedicated to pushing the boundaries of innovation and technology, ensuring that we can be leaders in this vibrant industry and we’re delighted to work with the team at FSE as we scale for further growth.”
Rob Ward, FSE Investment Manager for the deal, commented: “We are thrilled to fund this young and dynamic business as it continues to leverage its strengths, which include a strong track-record of sales, a robust R&D pipeline, and fully owned intellectual property. The commitment to innovation and strategic approach to growth makes Evolution AM an ideal portfolio addition and we look forward to seeing their continued success in the 3D printing space.”
Since their inception in 2021 and 2023, Evo 3D and Rapid Fusion have both experienced significant growth in a competitive landscape. The parent company forecasts an impressive increase to approximately £6 million turnover in the next three years.
The secured loan will facilitate the creation of skilled jobs within the local area, contributing positively to the economy. Evolution AM says it is committed to building sought-after solutions across a range of sectors and applications, aspiring to become the market leader in innovation and technology within the 3D printing industry.
Paul Jones, Senior Investment Manager at the British Business Bank, said:
“The South West Investment Fund is here to unlock the potential of ambitious businesses across the region, and Evolution AM is a great example of that. Their innovation in 3D printing, especially with the launch of Medusa, demonstrates the kind of cutting-edge technology being developed right here in the South West. We’re proud to support their journey as they scale, create skilled jobs, and push the boundaries of what’s possible in additive manufacturing.”
The purpose of the South West Investment Fund is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the South West. It offers a range of commercial finance options with smaller loans from £25k to £100k, debt finance from £100k to £2m and equity investment up to £5 million.
The fund is increasing the supply and diversity of early-stage finance for South West smaller businesses, providing funds to firms that might otherwise not receive investment and helping to break down barriers in access to finance.
Find out more about the South West Investment Fund here.
