The print-on-demand industry has grown by 12 per cent in the last four years. And there are no signs of slowing down as there’s a growing demand for personalisation and unique product options.
It seems, Printful, an on-demand printing company that helps people turn their ideas into brands and products, is capitalising on the situation to the fullest.
Secures €106M
Recently, the company has announced a $130M (approx €106M) non-control investment from Bregal Sagemount, a leading growth equity firm.
Bregal Sagemount is a growth-focused private capital firm with $4B (approx €326B) of committed capital. The firm invests $40M (approx €32.6M) to $400M (approx €326M) per transaction into targeted sectors including software, digital infrastructure, healthcare IT / services, business, and consumer services, and financial technology/speciality finance.
With this funding, Printful became the first privately owned company with Latvian roots to achieve unicorn status with a valuation of above $1B.
About Printful
Founded by Davis Siksnans, and Lauris Liberts, Printful targets small and medium online stores that are looking for a way to sell custom print products like posters, canvas, t-shirts, etc. but don’t want to deal with the fulfillment and shipping.
In 2020, the company experienced revenue increasing by almost 80 per cent, exceeding $200M (approx €163M). Since its inception, Printful has sold over 32M customised products to customers all over the world.
The North Carolina-based company integrates with the most popular e-commerce platforms and marketplaces, including Shopify, Etsy, WooCommerce, Wix, and Squarespace.
The company employs around 1,800 people across 9 fulfilment centres in the USA, Canada, Europe, and Mexico, and partner facilities in Japan and Australia.
“Thanks to our hardworking team, we have made significant accomplishments during our 8 years of operation. We have grown from a start-up to a global industry leader led by a new generation of Latvian entrepreneurs. This investment confirms the strength of Printful’s position and also shows that we operate in an industry where there is significant growth potential. We look forward to partnering with Bregal Sagemount as we continue our journey,” comments Davis Siksnans, CEO and Co-founder of Printful.
“This has been a transformative year for the creator community,” adds Siksnans. “The record sales we saw on our platform demonstrate the power of independent brands and designers. This partnership will allow us to continue our global expansion and help our customers better monetise their work.”
Expanded to Brazil
Earlier this month, the company expanded its operations into the Brazilian market. Printful has partnered with local manufacturers in two major Brazilian cities—Rio de Janeiro and São Paulo.
One of the partners will print apparel products, while the other will focus on the interior, and home, and living items. The company has had similar successful partnerships in Australia and Japan.
Education program
Besides its on-demand printing, the company has teamed up with Junior Achievement Latvia, the largest educational organisation in Latvia, and Riga Business School to start the first entrepreneurship and innovation education program for student-run companies in Latvia.
The program will offer students an opportunity to create their own startup companies for an international market.
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