Vistaprint Brazil-based on-demand online printing serice Printi sold a minority stake to US-based printing services provider Vistaprint for $25m on Monday.
Printi, which raised $1.2m from angel investors in a seed round in 2012, allows customers to print everything from business cards to catalogues online. The company posted revenues of $3m in 2013, which are set to grow to around $10m this year.
The investment will be used to finance full-scale printing production operations in Brazil, as well as to support marketing and scale productions.
Printi chief executive, Mate Pencz, told TechCrunch: ““[Vistaprint] wanted to acquire us 100 percent but we wanted to make it closer to what a VC deal would look like. We’re staying on board and staying completely independent.
“Over the next couple of years we have plans to expand to the rest of Latin America, and now we are Vistaprint’s exclusive partner for the region.”
Following the purchase, Vistaprint chief executive Robert Kearne and vice president of portfolio management Jeremie Profeta will join the Printi board.