Latvian-founded company Printful said May 24 a new investment by a US investor had made it Latvia's first tech unicorn, or startup with a $1bn valuation.
Printful is an on-demand printing and warehousing company that has achieved rapid growth in recent years.
"US growth equity investor Bregal Sagemount has valued Draugiem Group company Printful at more than $1 billion. By investing $130 million in Printful, the new partner will become a minority shareholder. Thus, making Printful the first Latvian unicorn company," the company said.
Since 2013, the company has opened eight production facilities worldwide: three of them are located in the US, two in Latvia, and one each in Spain, Canada, and Mexico. The company plans to open new facilities in the US and the UK. Printful has also established partnerships in Australia, Japan, and Brazil. The Printful team has more than doubled in the past year and now employs more than 1,800 people worldwide.
The audited financial data for Printful Inc. in 2020 shows that the company's revenue, compared to the previous year, increased by approximately 80%, exceeding $200mn. However, the revenue of the subsidiary Printful Latvia reached a total of €47.2mn. In 2020, Printful paid over €5mn in taxes to the Latvian budget including social insurance, personal income contributions.
“During the eight years of operation, we've grown from a startup to a global industry leader. We owe it all to the hard work of our team, led by Latvia's new generation of entrepreneurs. This investment confirms the strength of Printful's position and shows that we operate in an industry with significant growth potential. We look forward to partnering with Bregal Sagemount as we continue our journey,” said Davis Siksnans, Printful CEO and co-founder.