Printful becomes the first unicorn in Latvia
Printful has become Latvia’s first unicorn after a $130 million investment, that resulted into valuation of more than $1 billion.
The investor was Bregal Sagemont, it was the first investment that Printful has sought out, making it also the first opportunity to gain a valuation. Previously Printful was fully bootstrapped and had grown to generating $200 million in revenue in 2020 alone, a growth rate of 80% when compared to 2019.
Printful is a print-on-demand dropshipping and fulfillment service, making it possible for ecommerce entrepreneurs to print and ship their designs via Printful. It was launched in 2013 under the Draugiem Group by co-founders Lauris Liberts and Davis Siksnans. It started by printing posters from home in California, but quickly began to grow, and now the startup has 9 fulfillment centers in 6 countries around the world that employ over 1,800 people.
The Draugiem Group is home to many startups. Those include Mapon, Vendon, RoadGames, and more.
Ellex team in Latvia is a longstanding advisor to Printful. Latvian law and tax assistance in relation to the transaction with the investor was provided by associate Eduards Dzintars and foreign counsel Zinta Jansons. We congratulate the company on its success!