Addifab EIS

Co-invest with Mitsubishi: 3D printing technology helping manufacturers reduce costs and time-to-market, with clients including L’Oreal, Google, Unilever and BMW

Injection moulding (injecting heated material into a mould) has been used in global manufacturing processes – including creating and testing product prototypes – for more than 50 years. Once a mould has been developed, it is a cost-effective and highly repeatable way of producing parts at high volume. However, developing a mould in the first place can be an expensive, complicated and lengthy process. 

Following several years of research and development and backing by strategic investor Mitsubishi, Addifab Limited (“Addifab” or the “Company”) has developed technology to address this. Its Freeform Injection Moulding (“FIM”) platform uses proprietary soluble materials (resins) to 3D print moulds of any complexity – on average cutting development costs by up to 85%, and reducing lead time and carbon emission compared to existing methods. Addifab’s tools could help reduce the R&D process from months to days, enabling manufacturers to launch products more nimbly and at less cost.

Addifab’s tools have been used in the manufacturing of components for over 40 of the world’s largest consumer electronics, consumer goods and automobile companies, including PepsiCo, Wilson Sporting Goods, L’Oreal, Meta, Google, General Motors, Unilever, BMW, Volkswagen and Nike.

In addition to Mitsubishi, Addifab’s platform is already attracting commercial interest and has partnership arrangements with global companies, including 3D printing innovators Nexa3D, and multinational chemicals giant BASF.

The Company is currently trading to its plan, forecasting revenues of £0.8m for FY22, growing to £6.0 million for FY23, and aims to reach profitability in FY24. In FY26, it forecasts £69.2 million sales and £27 million EBITDA. These are forecasts: high risk and not guaranteed.

To date, the Company has raised £13 million from a mix of equity, grants and loans. To continue its commercial progress, the Company is now looking to raise a further £5 million under EIS at £1 per Ordinary Share, in a private offer arranged by West Hill Capital. 

Existing investor Diamond Edge Ventures – the VC arm of Mitsubishi Chemical Advanced Materials (Mitsubishi) – is expected by the Company to invest up to $1 million in this round at the same price and share class as the private offer. 

Wealth Club has a £750k allocation for a limited period only. Applications will be accepted on a first-come, first-served basis. The minimum investment is £20,000 for 20,000 shares (usually £50,000 through West Hill). Based on the Company’s forecasts, the target return for investors is 12.1x (65% IRR) in FY2026, before EIS tax relief – high risk and not guaranteed.

Important: The information on this website is for experienced investors. It is not a personal recommendation to invest. If you’re unsure, please seek advice. Investments are for the long term. They are high risk and illiquid and can fall as well as rise in value: you could lose all the money you invest.

Read important documents and then apply

The deal at a glance

Type Single company EIS-qualifying private offer
Stage Early-stage/growth
Date founded 2014 (UK Company established in 2020)
Funding to date c. £13 million total – £10.7 million in loans and equity; £2.3 million grants and awards
Sector Technology
Pre-money valuation £32.8 million
Post-money valuation £37.8 million (£41.1 million fully diluted after West Hill and employee warrants)
Market size Over US$1 trillion
Business model B2B
Revenue to date £0.5 million to date – on track to deliver £0.8 million in current year, not guaranteed
Revenue model Hardware, material and consumables sales; "FIM-as-a-service"
Profitability forecast from* 2024
Forecast revenue by FY26* £69.2 million
Forecast EBITDA by FY26* £27.0 million
Target return in FY26* 12.1x
Target IRR (c. 5 years)* 65%
*These are forecast and not guaranteed. Capital is at risk – you could lose the amount you invest.

How it works: watch video from Addifab to learn more



  • Patent protected, revenue-generating company, with 40+ global customers including PepsiCo, Wilson, L’Oreal, Meta, Google and Unilever
  • Large market opportunity across multiple industry sectors
  • Up to $1 million investment by Mitsubishi in addition to £5m private offer 
  • Forecasting £69.2 million revenue and EBITDA of £27.0 million for FY26 – not guaranteed
  • Target returns of 12.1x – based on Company’s forecasts and not guaranteed
  • Early-stage private single company deal with no diversification, high risk
  • Minimum investment £20,000 (20,000 Ordinary Shares at £1.00 per share)
  • Applications processed on a first-come, first-served basis
  • You can apply online – please note, you will also need to become an “elective professional client” of West Hill before your investment is accepted 

The overview provided on this website is based on the information available in the Private Placement Memorandum (“PPM”) prepared by the Company in conjunction with West Hill Capital and information provided by West Hill Capital. Wealth Club has not reviewed, verified or audited this information. Please read the offer documents carefully to form your own view and ensure you wholly understand the potential benefits and risks.

Addifab EIS.pngAddifab’s platform

The Company’s proprietary FIM system is known as “Toolmaker” and is positioned as a high-end product. It consists of a high-precision 3D printer and post-processing equipment together with operating software supporting system automation. 

Addifab has an installed base of c. 19 Toolmaker FIM systems with customers in Denmark, Poland, Germany, Belgium, Sweden, the USA, Taiwan and Japan.

The platform aims to deliver the following key benefits to manufacturers of a wide range of products:

  • Development cost savings of up to 85% on average
  • Shorter lead times, with 88% of products going from CAD (computer-aided design) to created components in 24 hours
  • Greener product development, with a 75% CO2 reduction

See PPM for details.

“With Freeform Injection Moulding, we can perform the process of testing parts and discover our failures in five days.” 

Glen Mason, Manager Advanced Innovation and Industrialization, DeMarini/Wilson Sporting Goods

“Freeform Injection Moulding allows features at full injection moulding strength that are not possible with either 3D printing or standard tooling.” 

Randy White, Chief Innovation Officer, Mitsubishi Chemical Advanced Materials

The Company

Addifab’s technology was originally developed in conjunction with renowned Danish Technical University (“DTU”).

In August 2020, Addifab Limited was incorporated as an English company and in February 2021 acquired the issued share capital of Addifab ApS (“Addifab DK”), the original developer of the FIM platform.

The Company has an office in the UK, a show room and office in Denmark and a sales office in the USA. It employs around 27 people, excluding members of the Board.

Market opportunity

The global product design and development services market was valued by Grandview Research at US$7.9 billion in 2020 and is expected to grow at an annual growth rate of 11.6% from 2021 to 2028. 

In addition to this:

  • The automotive parts market was worth US$380 billion in 2019.
  • The aerospace parts had a market worth US$907 billion in 2019.
  • The medical device industry is worth US$432 billion. 
  • The packaging industry is worth US$800+ billion.

With sales already into many of the above sectors, the Company believes it has a large global market opportunity – not guaranteed. See PPM for details.

Revenue model and growth strategy

Revenue streams are forecast to be hardware, material and consumable sales. In addition, the Company will sell “FIM-as-a-service”, manufacturing parts on demand. See PPM for further details.

The Company’s target customers are developers and manufacturers of components, either for their own product ranges or as an outsourced service provider. 

As well as direct sales, the Company also anticipates sales through a network of resellers, such as leading 3D printing companies Stratasys and 3D Systems.

The Company and Mitsubishi currently have an arrangement whereby Mitsubishi licenses Addifab’s technology to conduct manufacturing for its clients. The license grants the exclusive, royalty-free right for a term until January 2024 to design and manufacture injection moulded parts worldwide excluding Denmark. The parties have agreed to terminate the exclusivity clause. See the PPM for details.

Private offer

The Company is seeking to raise £5 million at £1 per Ordinary Share – the private offer is being arranged by West Hill Capital. Wealth Club has an allocation of £750k. EIS investors in this round are investing in Ordinary Shares. The Company expects Mitsubishi to additionally invest up to $1 million into Ordinary Shares.

The Company previously issued EIS3 certificates to Investors in the West Hill Capital round in February 2021. The Company is awaiting Advance Assurance and has applied for Knowledge Intensive status. 

How is the funding in this round intended to be used?

The capital raised in this round is expected to fund the following:

  • An increase in sales, marketing, distribution and support functions. 
  • Increased on-demand manufacturing capacity. 
  • Ongoing development of the FIM platform.

See the PPM for details.

Funding to date

To date, Addifab has been funded by:

  • c. £2.3 million in grants and awards
  • c. £2 million in loans (see PPM and Financial Forecasts Overview for details)
  • Equity, with shareholders, including the Founders, CAPNOVA (a Danish innovation company), Vækstfonden (the Danish Growth Fund), Diamond Edge Ventures (Mitsubishi) and West Hill Capital private investors.

See PPM for further details.

The previous round led by West Hill Capital in February 2021 raised £4.5 million at a pre-money valuation of £28.3 million. 


Sales and EBITDA

The Company is forecasting £0.8 million revenue for the year ending December 2022. Predicated on successfully achieving its plan, the Company forecasts £6.0 million of sales next year and reaching profitability in 2024. 

In FY26, the company forecasts sales and EBITDA of £69.2 million and £27 million respectively. Forecasts are not guaranteed. See PPM for more details.


Predicated on the current private offer being fully subscribed and the Company achieving its forecasts, the Company considers that it will be sufficiently capitalised and no further funding round is currently planned – not guaranteed.

Download the Financial Forecasts Overview and refer to the PPM for further details.


There is currently £2 million of contractual debt outstanding. For more information, please download the Financial Forecasts Overview and refer to the PPM. 

Exit options and returns

The Company anticipates an exit could be by trade sale to a company in the advanced manufacturing or 3D printing industries, an IPO or AIM listing. If Addifab can continue its progress, it could potentially become an attractive asset for acquisition – West Hill Capital reports the Company has received two unsolicited approaches to date, one from a large US manufacturer of 3D printers. 

An EV/forward EBITDA multiple of 17.5x – a median multiple for a range of listed companies in the 3D printing and advanced manufacturing verticals – has been used to calculate implied equity values, based on the Company’s illustrative financial projections, giving a target return of 12.1x – high risk and not guaranteed. See PPM for details.

Board and Management 

A new CEO will join the Group in Q3 2022, enabling current CEO Lasse Staal to focus on business development. The new CEO is currently CFO of a Nasdaq Copenhagen-listed international beverage manufacturer. He has also been CFO for a Nordic multi-brand food company and is a former partner of Deloitte Denmark.

Lasse Staal, interim CEO and co-founder, has an engineering background. Prior to founding Addifab, he was business manager at KMD, one of Denmark’s largest IT companies.

Peter Sørensen, Head of R&D and co-founder, is an electronics engineer with experience in production, IT and automation. He founded SimpleXDevice in 2013, developing medical devices.

Jon Jessen, Product architect and co-founder, invented the Addifab design and intellectual property. Prior to founding Addifab, he worked for hearing aid manufacturer Widex.

The team will be supported by a board of Non-Executive Directors including:

  • Chair of the Board, David Meyer, previously holding director positions in industrial companies such as Velux, GPV and Topsil Semiconductor Materials.
  • Non-Executive Director, Stefan Schnippering, representing Diamond Edge Ventures.

For further information on management, board and advisors, see the PPM.

Risks – important 

This is a single-company offer with no diversification. It involves investing in an early-stage business, which is by nature high-risk and prone to failure. There is a risk that the capital raised may not be sufficient to achieve the Company’s objectives. You could lose the amount you invest.

Like all investments available through Wealth Club, it is only for experienced investors happy to make their own investment decisions without advice.

There is no ready market for unlisted EIS shares: they are illiquid and hard to sell and value. There will need to be an exit for you to receive a realised return on your investment. 

Exits are likely to take considerably longer than the three-year minimum EIS holding period; equally, an exit within three years could impact tax relief. The value of tax benefits depends on circumstances and tax rules can change. 

Before you invest, please carefully read the PPM, which contains further details on the considerable risks – including, but not limited to, operating, technology, competition, market acceptance, product, employee, IP and financial – alongside the Wealth Club Risks and Commitments.

Structure and fees

Investors will pay no direct initial or ongoing charges to invest. Fundraising costs are being met by the Company. Please refer to the Schedule of Charges for more details. 

To invest, you will have to qualify as an Elective Professional Client of West Hill. The investment will be held via a nominee structure through Aldbridge Nominees (Woodside).

Our view

Addifab is developing proprietary technology for use in manufacturing processes, which could significantly cut development costs and time for customers.

The Company has gained commercial traction and early sales with 40+ companies. If it can achieve its growth plan, it could access a large, global market across many different sectors, with the opportunity to achieve significant sales and profits in the future.

It is important you understand the considerable risks. Please read the PPM carefully. Wealth Club has not independently verified the information within the PPM. You should not invest money you cannot afford to lose; experienced investors should form their own view. 

Register your interest – no obligation

Wealth Club aims to make it easier for experienced investors to find information on – and apply for – investments. You should base your investment decision on the offer documents and ensure you have read and fully understand them before investing. The information on this webpage is a marketing communication. It is not advice or a personal or research recommendation to buy any of the investments mentioned, nor does it include any opinion as to the present or future value or price of these investments. It does not satisfy legal requirements promoting investment research independence and is thus not subject to prohibitions on dealing ahead of its dissemination. 

The details

Single company
Target return
12.1x (65% IRR)
Funds raised / sought
£750,000 sought
Minimum investment
26 Aug 2022 for first close
Last updated: 4 August 2022

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