The design industry has undergone a significant transformation in recent years, with technology playing a critical role in changing the way designers work. One company that is leading the charge in this space is Material Bank, a New York-based technology platform that streamlines the process of sourcing and sampling architectural and design materials. Recently, Material Bank closed its Series 1B funding round, raising a total of $100 million. In this article, we will explore what this funding means for Material Bank and the design industry as a whole.
Introduction to Material Bank
Material Bank was founded in 2019 by Adam I. Sandow, the CEO and founder of SANDOW, a global media company. Material Bank’s platform is designed to make the process of sourcing and sampling materials more efficient and convenient for architects and designers. The platform brings together a vast network of suppliers and allows users to order samples of materials with just a few clicks. The samples are then delivered to the user’s doorstep the next day, free of charge.
Material Bank’s platform is built on the latest technology, including artificial intelligence and machine learning, to help users quickly find the materials they need. The platform also offers a range of other features, including material recommendations, project sharing, and sample tracking. Since its launch, Material Bank has become a go-to resource for architects and designers, with over 30,000 users and more than 350 suppliers.
Series 1B Funding Round
In January 2022, Material Bank closed its Series 1B funding round, raising a total of $100 million. The funding round was led by Tiger Global Management, with participation from existing investors, including General Catalyst, Bain Capital Ventures, and Raine Ventures. The funding will be used to help Material Bank expand its platform and reach new markets.
Material Bank’s Impact on the Industry
Material Bank’s innovative approach to material sourcing has already had a significant impact on the architecture and design industry. By offering a one-stop-shop for material samples, the company has saved designers time and money, while also reducing waste and carbon emissions associated with physical sample shipments. In addition, Material Bank has helped to level the playing field for smaller manufacturers who may not have had the resources to market their products to a global audience. The company’s success has also inspired other companies in the industry to explore new ways of digitizing and streamlining their operations.
