Cloudprinter has received €2 million from new investors including money from Ukraine. The provider of web to print connectivity is itself a part Ukrainian company with most staff working from Lviv.
The additional investment follows a seed capital round last year and a head of a larger funding round due next year. The intermediate funding has received support from existing management, a family office and existing shareholders Brabant Development Company from the Netherlands and U-Ventures, the VC arm of Western NIS Enterprise Fund, a Ukrainian investment company.
“They have the potential for become one of the first globally operating unicorns to emerge from Ukraine, particularly in the challenging period following the full scale Russian invasion and war,” says Andrew Sorohan, U-Ventures director.
Growth is reckoned at 35-40% a year according to managing director Marta Stetsko. This is also pulling in more printers willing to become part of Cloudprinter.
Cloudprinter enables a distribute and print model for corporates and other organisations needing to reach end users in multiple countries. More than 280 companies across more than 100 counties are part of the Cloudprinter network and able to print and finish within the necessary standards. The company is on course to reach 500 locations by the end of this year, says Stetsko.
The new money will be used to fund development of a white label version of the platform to enable printers to offer the strengths of the network to their own customers.
The investment marks the transition from “start up to scale up” she says. “It’s been a journey filled with challenges and triumphs. For a long time, our presence in Ukraine was considered a dealbreaker for potential investors. Now, it has become one of our strongest assets. A major part of that strength is our incredible team in Lviv, Ukraine, who have managed to build a fantastic platform despite all challenges and fears. We’re ecstatic to have partners who share our vision.”
At the start of the Russian invasion last year, Cloudprinter was prepared to move the nexus of operations from Ukraine to Germany. In the end this has not been needed.
