Printify raises $45M to expand print on demand

Printify, a print on demand company has secured $45M in Series A funding led by Index Ventures, with participation from H&M Group, Virgin Group, founders of leading technology companies Wise, Vinted, Squarespace, RedHat, and entertainment industry investors such as Will Smith’s Dreamers VC. Printify will use this investment to further expand its marketplace globally.

As a thriving ecommerce platform, Printify fuels the fast-growing creator economy by enabling anyone to start a business and create their own unique products. With Printify every item is produced only after the sale and drop-shipped directly to the end consumer, meaning there is no upfront investment and the least possible risk. The platform connects merchants with print production partners in more than 100 locations across the world, with the widest coverage in the US, its primary market. In the last year, Printify has seen accelerated growth, now serving more than 2 million registered merchants.

“Last year brought significant changes to the industry, as customers increasingly chose to shop online, while more and more merchants were looking for opportunities to earn additional income. We’re proud to serve the growing demand from creators and entrepreneurs and plan to continue our rapid growth by expanding into new markets and investing in a team of the most talented and ambitious people from across Europe,” said James Berdigans, founder and CEO of Printify.

“They have removed all the barriers to product creation and enabled over 2 million creators to launch successful merchandise businesses at the push of a button. Over time, as more manufacturers come online and more methods become available, Printify will allow any creator to bring their wildest product ideas to reality,” said Dino Becirovic, Principal at Index Ventures.

“Entrepreneurial spirit runs through the Virgin Group, which is why I’m proud to support Printify. Both Printify’s vision and success story to date embed this special entrepreneurial spirit, which in turn has created a rapidly growing and robust e-commerce platform. Printify’s unique proposition helps people market their brands through customisable products, with no upfront investment. We’re excited to support its growth in the coming years,” said Richard Branson, Founder of the Virgin Group.

With the world experiencing rapid growth in on-demand services, H&M Group also joins this Series A investment round. “The execution of the founder’s vision and their impressive success to date speaks not only to the scalability of the product but also in their ability to be a long-standing industry leader in this space,” adds Elise Fahlen, Investment Manager at H&M CO:LAB.

Headquartered in Latvia, the company is building a strong team to meet this demand. Today Printify employs close to 500 people from all over the world, with employee headcount more than doubling over the last year and plans to continue expanding. There are currently more than 70 open positions across product, engineering, marketing and design, almost all of which are remote-friendly.

“Our mission is to build an ever-evolving platform that lets anyone start an ecommerce business with as little investment and risk as possible. Our vision is to transform ecommerce from mass manufacturing to on-demand production, eliminating excess stock and reducing environmental waste,” adds Berdigans.

Printify is a transparent print-on-demand and dropshipping platform, designed to help online entrepreneurs make more money in a simple and easy way. Printify’s mission is to empower entrepreneurs to build their own businesses, independently. The platform helps anyone start a business with as little investment and risk as possible, by connecting entrepreneurs with more than 100 print providers across the globe. The startup was founded in 2015 by James Berdigans, Artis Kehris and Gatis Dukurs.

Source: labsoflatvia.com