Latvia’s print-on-demand drop shipping firm Printful said it has raised $130 million from growth equity firm Bregal Sagemount in a deal-making Printful the first-ever Latvian startup with the valuation of more than 1 billion.
Printful gives merchants, artists, and other creators the opportunity to run e-commerce businesses without investing resources in production and logistics.
The company takes care of everything related to printing, product storage, and delivery, allowing customers to dedicate time to the exciting part of the business—marketing and design development.
Printful said its 2020 revenue grew by almost 80%, exceeding $200 million. . Printful’s global team of more than 1,800 employees provides services in 8 in-house and 5 partner facilities across the world.
“This investment confirms the strength of Printful’s position and also shows that we operate in an industry where there is significant growth potential.”Davis Siksnans, CEO and cofounder of Printful
“This has been a transformative year for the creator community,” adds Siksnans. “The record sales we saw on our platform demonstrates the power of independent brands and designers. This partnership will allow us to continue our global expansion and help our customers better monetize their work.”
“Having helped build the increasingly important category of print-on-demand from the ground up, Printful is providing much-needed value to e-commerce merchants and creators.”Sandeep Swaminathan, Operating Partner at Bregal Sagemount.