Bregal Sagemount investment pushes Printful to unicorn status
Printful, the Latvia-based print-on-demand drop shipping, and fulfillment company, announced a $130 million non-control investment from Bregal Sagemount, a leading growth equity firm. The financing establishes Printful as the first privately owned company with Latvian roots to achieve unicorn status with a valuation of above $1 billion, the company said. The new partnership will support the launch of additional products and services and the expansion into new channels and geographies.
Printful 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.
“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 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.”
The company said it has experienced revenue growth of almost 80% and exceeding $200 million in 2020. Since its launch in 2013, Printful has sold more than 32 million customized products to customers all over the world. Printful integrates with the most popular eCommerce platforms and marketplaces, including Shopify, Etsy, WooCommerce, Wix, and Squarespace. Printful’s global team of more than 1,800 employees provides services in 8 in-house and 5 partner facilities across the world.
“We are excited to support Printful in this important step of its growth story. This will be one of the largest investments in our company’s nine-year history. At Bregal Sagemount, 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.”
“Having helped build the increasingly important category of print-on-demand from the ground up, Printful is providing much-needed value to ecommerce merchants and creators,” continues Sandeep Swaminathan, an operating Partner at Bregal Sagemount. “We look forward to partnering with Printful as it continues to innovate and expand the ways it supports its creator community.”