Latvia-based on-demand printing service Printify completed a $50m series A round yesterday co-led by fashion retailer H&M, conglomerate Virgin Group and venture capital firm Index Ventures.
Law firm Cooley also took part in the round, as did Change Ventures, FJ Labs, Blue Ivy Ventures, Dreamers VC, Tripple Point Cap, Pareto20, JMK Investments and 36 angel investors. Printify employees divested $10m of stock as part of the round.
Printify’s online platform allows businesses to choose between a range of products, such as apparel or accessories, mock up a design and order a prototype. Once the design is approved, it can be uploaded to a customer’s online retail portal automatically.
The company graduated from the 500 Startups accelerator before raising $1m in seed capital from unnamed investors in 2018, adding $3m from Bling Capital and assorted angel investors in May 2019.
The round’s $45m first close occurred in September this year, at a post-money valuation reported by TechCrunch as a little over $300m.
James Berdigans, Printify’s founder and chief executive, said: “(The) series A investment round is just the beginning for us, and it goes to show that Printify’s growth potential is unlimited.
“We are proud to have built trust in some of the world’s leading investors and we will use their expertise and knowledge to continue the global expansion and grow our team.”
