Printify Raises $45M to Fuel Custom Printing Growth

Printify Secures $45 Million in Series A Funding

The burgeoning creator economy demonstrates a strong appetite for merchandise, a trend benefiting on-demand custom printing startups. Latvia-based Printify is capitalizing on this demand, announcing a $45 million Series A funding round spearheaded by Index Ventures.

Expanding the Global Print Network

The company’s primary objective is to continue expanding its network of global print shops to effectively address the increasing demand for customized products and their associated shipping logistics.

Notable Investors Participate

This funding round saw participation from prominent entities including H&M Group and Virgin Group. Additionally, the founders of TransferWise, Vinted, Squarespace, and RedHat invested, alongside entertainment industry figures such as Will Smith’s Dreamers VC. Printify has requested that the identity of at least one other investor remain undisclosed for legal reasons.

Valuation Exceeds $300 Million

Sources indicate that Printify’s post-money valuation now surpasses $300 million.

Fueling Demand from Creators and Entrepreneurs

The rise of e-commerce and creator platforms, such as Patreon and Shopify, is significantly boosting the demand for custom products like t-shirts, mugs, and stickers. These platforms empower individual sellers – designers, content creators, and online entrepreneurs – thereby expanding the market for on-demand printing and shipping services.

Significant Growth in Merchants and Units Shipped

Printify currently connects approximately two million merchants with print providers worldwide, facilitating the shipment of one million units each month.

Headcount Expansion

The company has experienced substantial growth, nearly doubling its workforce over the past year to around 500 employees. Plans are in place to add an additional 200 positions before the year’s end.

Target Audience and Business Models

According to Printify, its core audience consists of creators and entrepreneurs. Many merchants utilize the platform to establish supplementary income streams, while a growing number are leveraging Printify to build their primary businesses.

Competitive Landscape

Printify is part of a growing number of custom printing startups focused on providing scalable printing and shipping solutions. Established players in this space include Printful, Gelato, and Zazzle.

Focus on Micro-Brand Merchants

Founded in 2015, Printify believes its relative youth allows for a greater concentration on serving the micro-brand merchants driving the current surge in demand for custom goods.

Key Differentiators

Printify emphasizes its ability to enable income generation for individuals. The company highlights its extensive product selection, competitive pricing, and commitment to quality as key advantages, alongside its global marketplace footprint which allows for localized printing and shipping.

Product Popularity

The most frequently sold products through the platform are classic items such as t-shirts, hoodies, stickers, mugs, posters, and hats.

Expanding Product Categories

A rapidly expanding market is also observed in baby and children’s products, sportswear, pet supplies, and drinkware. Printify’s catalog currently features over 370 products, with several additions made each week, produced in over 100 locations globally.

Index Ventures’ Perspective

Dino Becirovic, principal at Index Ventures, stated that Printify is the leading marketplace for on-demand manufacturing, offering the widest product range and network of print providers. He believes the platform has eliminated barriers to product creation, empowering over two million creators to launch successful merchandise businesses with ease.

Investor Anonymity

This report was updated to remove the name of an investor at Printify’s request, due to unspecified legal considerations related to the funding announcement.