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International Internet Magazine. Baltic States news & analytics Friday, 29.05.2020, 03:35

Latvia's Printify startup raises EUR 2.7 mln for further growth

BC, Riga, 10.05.2019.Print version
Latvia’s print on demand startup Printify has raised USD 3 million (EUR 2.672 million) worth of investment from Silicon Valley’s venture capital companies and private investors, Benjamin Ling, the founder of San Francisco-based venture capital company Bling Capital, said at a media briefing in Riga today, informed LETA.

Printify representatives informed that the investors providing money for the Latvian startup’s further growth include former Facebook executive Benjamin Ling (Bling Capital), as well as several other strategic investors, including YouTube co-founder Steve Chen, Twitch co-founder Kevin Lin, and other approximately 30 business angels from California.

Commenting on the investment, Ling indicated that Printify is actively helping promote a new e-commerce trend and that the company is excellently positioned, enabling micro and fashion brands, as well as SMEs to benefit from its platform providing high-quality printing on demand for low prices.

Printify founder and head Janis Berdigans said that the investment would be used to attract to the Printify platform even more printing businesses from across the world.

“The financing will be invested in expanding our business even more not only in the US but also in Europe,” Berdigans said, adding that this means more producers, functionality and clients.

This year, Printify aims to triple its turnover against last year.

Printify Development belongs to US-based company Printify Ic., which Bedigans, Artis Kehris and Gatis Dukurs established in 2015 in Delaware. The company’s turnover grew to USD 10.3 mln in 2018 from USD 2.2 mln in 2017.

In Latvia, Printify employs 85 people from 11 countries. The US accounts for 80% of the company’s sales, Europe 13%, Canada 5% and Australia 2%.

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