Printful, the first unicorn from Latvia
Printing and fulfillment service Printful has received an investment worth over 106 million euros from growth equity firm Bregal Sagemount. This funding makes Printful the first company from Latvia to achieve unicorn status, as it’s now valuated at over 1 billion dollars.
With the new capital, Printful will launch additional products and services, and expand into new channels and countries. The funding follows after a strong year of growth.
Revenue increase by almost 80 percent
Last year, the Latvian company saw its revenue increase by almost 80 percent and exceed 163 million euros. And since its launch in 2013, Printful has sold over 32 million customized products to customers all over the world.
Printful has sold 32 million products since 2013.
‘From start-up to global industry leader’
David Siksnans, CEO and co-founder of Printful, thinks his company has made some significant accomplishments during its eight 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 our 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”, he commented.
Backing market leaders in disruptive sectors
For Bregal Sagemount, backing Printful is one of the largest investments in the company’s nine-year history. “We pride ourselves on backing market leaders in disruptive sectors”, says Adam Fuller, a partner and co-founder of Bregal Sagemount. “It has been phenomenal to see what the Printful team has achieved over the last few years.”
As an on-demand printing and fulfillment company, Printful lets merchants, artists and creators run an ecommerce business without having to invest in production or logistics. The dropshipping supplier takes care of printing, product storage and delivery. It integrates with most major ecommerce software, including Shopify, Etsy, WooCommerce, and Wix.