How Printify Scored Funding Needed to Expand Its Services
Printify offers printing and dropshipping services for eCommerce businesses, particularly online print shops. The recent increase in merchandising demands compelled the company to look towards expansion to fulfill the growing needs of its clientele.
How Printify Raised Funds for Expansion
Index Ventures led a Series A investment round for Printify, which helped them raise a cool $45 million. This can go a long way in helping the Latvian company grow its online marketplace for print shops to meet the rising demand for custom-printed items.
Several big names participated in the funding round, including the Virgin Group, H&M, and the founders of RedHat, Squarespace, Vinted, Transferwise. Even investors from the entertainment industry were part of this, such as Dreamers VC, owned by Will Smith.
Printify is now valued at $300 million as a result of all their hard work.
eCommerce platforms mainly for creators, such as Shopify and Patreon that cater to individual sellers for microbrands (such as content creators, designers, ecommerce entrepreneurs, etc.) are Printify’s primary market.
Printify now connects over 2 million online merchants with printing services worldwide. They also shop a million or units every month.
Also, Printify has grown quite noticeably — with a team of 500 people — double what they had just a year ago. They also plan to add 200 more to their force by the year’s end.
An Unlikely Hero for New Ecommerce Set-Ups
Printify was established in 2015, and they found success by focusing mainly on micro-brand merchants. Research shows that micro-brands are on the rise, and their importance within the social commerce industry is evident.
Printify offers excellent quality custom printed goods that are cost-effective as well. Also, they can ship products globally, meeting most of the demands posed by micro-brand merchants. They also provide a large selection of on-demand products for creators to sell.
Why Not Set Up Your Own Custom Print Store?
Are you looking to get in on the custom print action? Cartlyfts can help you set up your own Shopify store if you’re also an online influencer or creator who wants to sell custom goods.Schedule a call with us and let’s discuss your eCommerce plans.