Printful Inc., a print on-demand and fulfillment company, has garnered a $130m investment from private equity firm Bregal Sagemount, giving the bootstrapped business a valuation of more than $1bn.
The company took on its first institutional investor with the backing from Bregal Sagemount, which made a non-control investment in the business, according to Printful co-founder and Chief Executive Officer Davis Siksnans.
Founded in 2013 in Latvia, Printful offers print-on-demand items using customer-supplied designs, from T-shirts to home décor and promotional gear for businesses. The company integrates with online marketplaces like Etsy Inc., Squarespace Inc. and Shopify Inc., the CEO said.
Printful, whose headquarters is in Charlotte, N.C., has seen meaningful growth over the past few years. In 2019, the company notched $116m in revenue, Mr. Siksnans said. Over the course of 2020, the company’s revenue rose by almost 80% to more than $200m, he added.
The company attributes its growth to increased selling of goods online, as people were furloughed and began doing things such as designing T-shirts and other items that they sell online from their homes, Mr. Siksnans said. Printful also benefited from the shift to online services as local printing shops closed during the pandemic.