Latvian founded Printful has landed $130 million in fresh funds via private equity firm Bregal Sagemount reports The Wall Street Journal. With this funding, the print-on-demand company becomes Latvia’s first unicorn with a valuation of over $1 billion.
The backing from Bregal Sagemount marks the first time Printful has taken on an institutional investor according to co-founder and CEO Davis Siksnans.
Founded in 2013 by Davis Siksnans and Lauris Liberts, Printful now calls Charlotte, North Carolina home, and has seen tremendous growth in the past few years. With work-at-home, or is that living-at-the-office(?) now the norm, Printful reports that the company’s revenue rose by almost 80% over the course of 2020, ballooning to more than $200 million. In addition to furloughed employees sourcing alternative revenue streams, Siksnans also points to local printing shops closing their doors during the pandemic as a source of success.
The $130 million invested by Bregal Sagemount is a small portion of their mammoth $1.5 billion fund. The firm specialises in investments ranging from $40 to $400 million in healthcare, business and consumer services, fintech, software, and digital infrastructure verticals.
The deal has been in the works since last year, when Bregal Sagemount co-founder and partner Adam Fuller reached out to Siksnans, noting that the firm was particularly drawn to Printful’s market position in the e-commerce sector and integrations with top stores and online marketplaces.
A few months back Andrii Degeler sat down with Printful’s communication project manager Kristine Kornilova.