Cloudprinter has raised €7 million in its first major funding round as interest in online print businesses among the investment community continues.
Last year the likes of Printify, Printful and Helloprint received investment based on equity, and at the time Cloudprinter received considerable interest. It turned down the approaches, but has decided that now is the time to use external money to accelerate its growth. Talks began in November last year with Capital Mills which has led the funding.
“Today we have raised €7 million of seed funding to accelerate our list of features, covered countries and local offices,” says CEO Martijn Eier. “We will continue growing our platform by adding more functionalities and we will continue expanding our network and product catalogue. We will continue growing our team all around the world. We will open new offices and invest in the future and knowledge of our team members. Our latest funding will accelerate the whole process.”
Currently Cloudprinter has 170 output partners in 100 countries across the globe, producing print close to the point of need. This has both an environmental advantage and potentially a tax benefit as users can avoid import duties through a distribute and print arrangement. It has 80 staff, including a recently appointed chief revenue officer. Sales rose 300% in its last financial year.
It endorses the approach which includes a substantial software development team in Lviv, Ukraine. While provision was made to move this to Poland at the outset of war, Cloudprinter has continued to operate. “We are delighted to accelerate our aim to make global printing more sustainable, together with our trustful investors and partners. It’s a great confirmation, especially for our Ukrainian team, that our investors believe in our unique and disruptive approach,” says Eier.
The new money is coming from Dutch funders Brabantse Ontwikkelings Maatschappij and a Dutch family office under the leadership of Capital Mills. This is a specialist VC house looking at B2C and B2B SaaS companies, particularly those with ambitious founders. Investment manager René Delsing says: “Given the tough circumstances Cloudprinter.com has to deal with, it is truly impressive what the team has achieved in the past months. The team morale and growth pace are exceptional.”
Cloudprinter remains a minnow in terms of funding received, having taken a €3 million pre seed round in 2019 before the seed round announced last week. Helloprint, another Dutch web to print business that links buyers to production sites using its bespoke software, has raised €60 million.
