Government funding worth millions of euros enables Online Manufacturer to create new positions in the areas of sales/purchasing, logistics and IT
Online Manufacturing company FACTUREE continues to grow thanks to government investment grant for 115 new permanent jobs
Berlin, September 6, 2023 - The Online Manufacturing company FACTUREE (www.facturee.de) is set to receive millions of euros in funding from the state-owned Investitionsbank Berlin (IBB). The so-called "Joint Task 'Improvement of the Regional Economic Structure' (GRW)" is aimed at companies in the commercial sector. With the investment or wage cost subsidy, IBB supports investment projects to create and secure permanent jobs on behalf of the Berlin Senate Department for Economic Affairs, Energy and Operations. Therefore, FACTUREE now has up to 3 million euros in wage cost subsidies at its disposal and has planned to create 115 new permanent jobs.
The state GRW investment grant supports start-ups and existing businesses in the industrial, construction, trade and service sectors. One of the prerequisites is that sales must be predominantly superregional. FACTUREE is growing steadily and, with its online production, has established an entirely new and promising form of parts procurement that is becoming increasingly important internationally too. FACTUREE sees itself as a reliable partner for German industry and has an increasing number of customers in other European countries.
An investment project of over 15 million euros
FACTUREE's current investment project amounts to more than 15 million euros. The Online Manufacturer's goal is to create 115 long-term jobs by March 2026. The new permanent jobs are to be created in the operational teams of Sales and Purchasing. Capacities in the areas of logistics and IT will also be expanded significantly too. The GRW funding supports this project as it contributes to the improvement of the regional economic structure. The funding rate can be a maximum of 30 percent and relates to an investment period of up to 36 months.
Benjamin Schwab, Co-Founder and CMO at FACTUREE, explains: "We are experiencing a steadily growing number of inquiries, which we can only handle in the long term by expanding our number of employees. The government investment grant gives us the opportunity to do just that. FACTUREE has now been awarded a subsidy of 20 percent. This means that up to 3 million euros will be made available to us by the government, all of which will go towards the cost of wages."
The current investment grant is a form of follow-up financing. In the past, FACTUREE has already been granted government funding of around 1 million euros.
"With the two investment grants, we can access a total funding amount of 4 million euros. The prerequisite is that we fill all 115 positions that we have planned. The signs are very good, because our growth curve is pointing steeply upwards," says Benjamin Schwab.
Bootstrapping since day one
FACTUREE has relied on public funding programs instead of venture capital for its rapid growth. Since its founding, the company has been fully self-financed and thus – unlike most of companies in the industry - operates entirely without investor funding.
"Since the very beginning of our company's history, we have enjoyed the trust of the state and are thus in a position to take advantage of public funding programs such as the “Teilhabechancengesetz” (or the Participation Opportunities Act). Among other things, the government funding enables us to successfully prefinance jobs and create numerous local jobs. This orientation gives us complete control over our company and thus clearly separates us from venture capital-financed competitors," says Benjamin Schwab.
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