3d model provider cgtrader raises $9.5m series b led by evli growth partners
CGTrader Secures $9.5 Million in Series B Funding
CGTrader, a leading 3D model provider, has successfully closed a $9.5 million Series B funding round. The investment was spearheaded by Evli Growth Partners, a Finnish venture capital firm.
Existing investors, including Karma Ventures and LVV Group, also participated in this funding round. Notably, former Rovio CEO Mikael Hed contributed financially and has assumed the role of board chairman.
Company Background and Growth
CGTrader was initially brought to our attention when it secured €200,000 in funding from Practica Capital. The company is headquartered in Vilnius.
Established in 2011 by Marius Kalytis, a 3D designer who currently serves as COO, CGTrader has rapidly evolved into a major player in the 3D content market.
The platform asserts its position as the world’s largest, boasting a marketplace of 1.1 million 3D models created by 3.5 million 3D designers.
These resources are utilized by a substantial client base of 370,000 businesses, including prominent names like Nike, Microsoft, Made.com, Crate & Barrel, and Staples.
Expanding Applications of 3D Models
Unlike traditional photographs, 3D models offer versatility, enabling the creation of both static imagery and immersive AR experiences. This allows consumers to visualize products within their own environments.
CGTrader is also strategically investing in the application of AI to automate key processes. These include 3D modeling, quality assurance, and asset management.
Statements from Leadership
Dalia Lasaite, CEO and co-founder of CGTrader, stated that 3D models are increasingly valuable for professional 3D industries.
She further explained that they provide a more efficient and economical solution for generating compelling product visuals for e-commerce.
According to Lasaite, the company’s ARsenal enterprise platform can reduce the cost of producing photorealistic 3D visuals by up to ten times compared to traditional photography.
Future Plans and Competitive Landscape
CGTrader intends to leverage this funding to strengthen its market position and continue the development of its platform.
Key competitors in the 3D model marketplace include TurboSquid, which was recently acquired by Shutterstock for $75 million, and Threekit.
The company aims to remain at the forefront of innovation in the rapidly evolving 3D content creation and visualization space.
Mike Butcher
Mike Butcher: A Profile of a Leading Tech Voice
Mike Butcher, M.B.E., is a highly respected figure in the technology landscape. Previously serving as Editor-at-large for TechCrunch, his journalistic background includes contributions to prominent UK newspapers and magazines.
Recognition and Influence
Wired UK has recognized Butcher as one of the most influential individuals shaping European technology. This acknowledgement underscores his significant impact on the sector.
Speaking Engagements and Interviews
Butcher is a sought-after speaker, having presented at prestigious events such as the World Economic Forum, Web Summit, and DLD. He has conducted interviews with a diverse range of prominent figures.
Among those he has interviewed are former UK Prime Minister Tony Blair, Russia’s Dmitry Medvedev, actor Kevin Spacey, model Lily Cole, Telegram founder Pavel Durov, and Wikipedia’s Jimmy Wales, alongside numerous other technology executives and celebrities.
Broadcasting and Advisory Roles
As a frequent broadcaster, Mike Butcher regularly appears on major news networks. These include BBC News, Sky News, CNBC, Channel 4, Al Jazeera, and Bloomberg.
His expertise extends to policy advising, having consulted with UK Prime Ministers and the Mayor of London regarding technology startup initiatives. He also served as a judge on the UK edition of The Apprentice.
Awards and Founding Ventures
GQ magazine once listed him among the 100 Most Connected Men in the UK. This highlights his extensive network within the industry.
Butcher is also the co-founder of several notable organizations:
- TheEuropas.com: A platform showcasing the Top 100 European startups.
- Techfugees.com: A non-profit organization.
- TechVets.co: Another non-profit initiative.
- Startup Coalition: Focused on supporting startups.
In 2016, he was awarded an M.B.E. in the Queen’s Birthday Honours list. This was in recognition of his services to the UK technology industry and journalism.