Elegoo reportedly raises $70 million, intensifies consumer 3D printing race

Elegoo’s reported $70 million B+ round is the kind of cash injection that can show up on a hobbyist’s desk months later as a better printer, a cheaper machine, or a firmware update that actually lands on time. For owners, the money points to more aggressive releases, deeper support, and a faster accessory and materials ecosystem as Elegoo pushes harder against Creality, Bambu Lab, Anycubic, and Prusa Research.

The company, founded in 2015 by Chris Hong in Shenzhen, has grown from a value brand into one of the names now mentioned among the leaders in consumer desktop printing. Elegoo said its 2024 total sales revenue surpassed $200 million, with close to 700 employees and nearly 30,000 square meters of office and manufacturing space. Separate reporting put 2024 revenue at 1.6 billion yuan, with 2025 expected to rise past 2.3 billion yuan and possibly 2.5 billion yuan, while management has reportedly set a 2026 target of 3.5 billion to 4 billion yuan.

That scale helps explain why this latest round matters beyond the balance sheet. The B+ financing was said to be led by Meituan’s DragonBall Capital and Meituan itself, with Shenzhen Capital Group, Hillhouse Investment, Yintai Group, Guoce, Minghuizhiyuan, and Shenzhen HTI Group among the co-investors. DJI was reported to have participated in an earlier round but not this one. The company’s Shenzhen-based legal entity, Zhinengpai Technology, was tied to the new capital as Elegoo lined up senior talent recruitment, core R&D, global market expansion, capacity and supply-chain upgrades, and broader brand rollout.

That spending plan lines up neatly with the way the market is moving. In consumer 3D printing, the Chinese brands that have gained traction are no longer behaving like speculative startups chasing demos. They are building real businesses, with actual revenue and the cash flow to turn fundraising into product velocity. For users, that usually means shorter gaps between launches, more competitive launch pricing, and support teams that can scale with the installed base instead of trailing it.

The timing also matters. By April 2026, Elegoo was already using RAPID + TCT 2026 to push the Jupiter 2 and debut the CANVAS multicolor system for the Centauri Carbon. That makes the funding look less like a defensive pile of capital and more like fuel for a live product race. Elegoo is spending to stay in the conversation, and in desktop printing, that usually means the next wave of machines, accessories, and software is already being built for the people who will actually use them.