SendCutSend Doubles Valuation to $2.1 Billion in Five Months

SendCutSend is now valued at $2.1 billion, roughly double its worth just five months ago. The Reno, Nev.-based custom metal parts maker announced a Series B round led by Spark, with participation from CRV, MHS, Sequoia and Paradigm.

The round lands about five months after a Sequoia-led Series A valued the company at $1.1 billion. That first institutional round came together after Sequoia partner Andrew Reed connected with cofounder Jim Belosic and flew from San Francisco to Reno. "Jim was like 'wear boots,' and maybe 14 hours later, I was bending some metal," Reed said.

Belosic cofounded SendCutSend in 2018. The company turns customers' designs into custom metal parts via laser cutting, solving a problem that has long frustrated small-batch buyers: getting custom parts made at all. The very first order was modest. "We made the pickleball keychains," Belosic said. "Then orders trickled in from there, and it kept going, and going, and going."

The customer list is no longer modest. It includes Zipline, Telo Trucks, Neros, Waymo, K2 Space, Relativity, Anduril and Castelion, along with 60% of the Fortune 500, according to the company's account. The claim is notable; the company did not disclose exact revenue figures or the size of either funding round.

What does the founder say he wants from VC money?

Belosic spent years deliberately avoiding venture capital. "I never wanted to be a Silicon Valley entrepreneur," he said. "I never said: 'Oh, I'm going to build a company and do financial gymnastics to IPO.' No, I want to build a business. There's a difference between a Silicon Valley entrepreneur and an owner."

His view of where investor dollars should go is unusually concrete.

• Mortgages and baby formula, in his words
• Onesies and childcare-related spending for employees
• Moves "from a bicycle to a car" for his workers
• Direct payroll: "I love taking VC dollars and putting it directly in the payroll"

Reed, who has spent more than 12 years at Sequoia, framed the revenue base in blunt terms. "The fact that Jim was able to build this business to the scale of nine digits of revenue without a major institutional VC round, it's the ultimate example of suction," he said. Nine digits means at least $100 million in annual revenue. That figure comes from an investor with a clear interest in the story; the company itself did not publish financials.

Reed also sketched where the new money goes: shorter lead times for customers, new locations closer to customer sites, and more capacity. "There's such a good use of proceeds here," he said. "This money isn't going to be sitting in the bank forever, just as a rainy-day fund."

Does reindustrialization carry the bet?

The raise lands amid a wider wave of VC dollars chasing U.S. reindustrialization. Belosic positions SendCutSend as infrastructure for that shift, not just a beneficiary of it.

"I would love to see that we can mine metal, process it in the U.S., SendCutSend it out, and then someone else can add their layer onto that," he said. "The future of manufacturing will be made in America."

That is a founder's aspiration, not a disclosed plan; the company has not detailed how many facilities it will build or on what timeline. What is disclosed is the pace: two rounds, one billion dollars of added valuation, and five months between them.

The company's origin story began in 2017, when Belosic was converting a Ford Model A into a steam-powered car and needed tiny, intricate laser-cut letters for a throttle control labeled "steady," "strenuous" and "grueling" — a nod to the oxen in the game Oregon Trail. The lack of an obvious supplier became the business.

The next test is whether a company built without institutional capital can deploy it fast enough to justify a valuation that doubled in roughly 150 days.