Nigeria-based digital printing startup, Printivo, has closed on seed financing from early-stage technology venture capital firm, EchoVC Partners. According to a Press Release sent to Techpoint, the six-figure investment will be used to significantly broaden the company’s product range, increase headcount, accelerate customer acquisition and scale the business.
Targetted primarily at Nigeria’s booming SME sector, Printivo is poised to capitalise on and grow Nigeria’s $200M print market, which has until now, had no credible online presence.
Printivo provides the only fully automated online print service for over 3,000 customers, providing local and international businesses with corporate stock collateral, such as business cards, letterheads and notepads, and has seen y-o-y growth of 200% since its launch in 2014.
Oluyomi Ojo, Printivo Co-Founder and CEO says, “Securing institutional seed financing means we can accelerate the growth of our online print services & community platform and achieve the ambitious targets we have set for ourselves, as we transform an industry that has, until now, lacked digital infrastructure, investment and innovation. We can now transition print from bricks & mortar ‘mom-and-pop’ stores that struggle to scale and meet quality requirements, to online ordering and direct delivery, while enabling job creation and distribution. We are in the process of removing the friction for companies that want access to great design, transparent pricing, high quality products and fast turnaround on orders. Simple, yes, but something local printers have historically been unable to provide.”
“In EchoVC, we have found an investor and partner who has a complete understanding in growing and scaling eCommerce businesses and who sees the enormous growth opportunity Africa’s print industry presents.”
Wale Ayeni, Investment Director at EchoVC Pan-Africa Fund adds: “The lightning speed at which Printivo has changed Nigerian SMEs’ print purchasing habits and built a customer base that runs into the thousands is impressive, and was a key driver in our decision to invest. EchoVC sees print in Africa as one of the continent’s ‘iceberg micro-economies’, a below-radar but very large and viable industry with enormous scope for growth. The team’s homegrown expertise and innate understanding of the market, their commitment to great design and innovation in print, their ability to grow long lasting customer relationships and their focus on customer service equates to them being best placed to lead the digital printing revolution on the continent. The founders’ focus on building a community of co-dependent participants in the print economy has also kick-started significant job creation possibilities.”
Nigerian startups raised $17.6m in Q1 2019, 8.5% higher than they did in Q1 2018. Find out more in the latest quarterly edition of the Nigerian Startup Funding Report here.