Circle Graphics continues to expand its portfolio with its fifth acquisition – this time of Ottawa-based Canvaspop – since being acquired by investment firm H.I.G. Capital in 2019. Financial terms weren’t disclosed. Circle acquired Graphik Dimensions in November 2020 and Bay Photo in August 2020, as well as billboard companies MetroMetromedia and Anthem Displays.
Founded in 2009, Canvaspop serves more than 450,000 customers across the United States, Europe, Canada, and Australia. In 2018, Canvaspop raised $3.3 million in a funding round led by Celtic House Venture Partners and BDC’s Growth & Transition Capital group, a division of BDC. Prominent angel investors, including Tobi Lutke and Cody Fauser, as well as Canadian entrepreneur and philanthropist Richard L’Abbé, participated in the round. In an interview with the Dead Pixels Society, company co-founder Adrian Salamunovic said, “We were the only company who would work with low-resolution pictures. We developed ways to produce images from an iPhone, with a very straightforward process. Removing friction is number one. After that, we just kept scaling, adding Instagram. We were the first internet company to partner with Groupon on a national scale. We got very lucky.” At that time, Salumunovic said Canvaspop had about 60 employees spread over two facilities: The Ottawa headquarters and a dedicated 30,000-square-foot production facility in Las Vegas, Nev.
“We are thrilled to announce the continued expansion of the Circle portfolio with the acquisition of Canvaspop today,” said Andrew Cousin, Chief Executive Officer of Circle Graphics. “Canvaspop has become the brand leader in personalized wall decor, with a well-established global following. Today’s announcement presents an exciting opportunity to work collectively with the Canvaspop team to accelerate its growth and provide them the resources they need to maximize their vision, while growing Circle’s portfolio of online properties.”
“I have full confidence in Circle Graphics as a strategic partner, and I know that Canvaspop is in great hands to bring the brand to the next level,” said Nazim Ahmed, co-Founder and CEO. ” Since 2009, Canvaspop has focused on delivering a best-in-class online buying experience, customer service and brand innovation to the industry, while delivering the highest quality products. To have Andrew and the Circle team sustain Canvaspop’s upward momentum in those areas, expand its product and service offering, and continue growing its international customer base, presents an amazing opportunity.”
Today’s news follows Circle’s acquisitions of Graphik Dimensions in November 2020 and Bay Photo in August 2020. Canvaspop represents Circle’s fifth add-on acquisition since it was acquired by H.I.G. in September 2019.