ELEGOO Reaches $70 Million in Series B+ Funding Round

For years, the consumer 3D printing company ELEGOO was fueled by a independent founding team that refused external investment and declined media interviews. But now, the company has announced a massive Series B+ funding round, raising over 500 million yuan (approx. $70M USD). It was led by Meituan’s DragonBall Capital, with co-investment from Shenzhen Capital Group (SCGC), Hillhouse Investment, Yintai Group, and Shenzhen HTI Group, among others.

The raise signals a strategic overhaul, and it comes just six months after a Series B round of similar scale in November 2025, which notably included participation from the drone giant DJI. Together, these rounds represent a push to close the gap between ELEGOO and current market leaders like Bambu Lab.

From Independence to Reformation

This aggressive fundraising marks a significant shift in ELEGOO’s financial philosophy. For years, the three co-founders refused outside investment and used their own resources for R&D. However, the limits of that isolation eventually became evident. In 2023, when a product developed by the team kept getting delayed, the team realized their efforts couldn’t keep pace with the market. Chen Bo, one of ELEGOO’s founders, explain in an interview with 36Kr: “Every resource had been assigned to developing that product, and yet the result we delivered still could not keep up with products our competitors had already launched.”