EchoVC Partners, the seed and early-stage technology investor, is backing Nigeria-based digital printing start-up Printivo in an undisclosed “six figure investment”. The capital will be used to broaden the company’s product range, increase employee head count, grow the company’s customer base and scale the business further.
According to the statement announcing the transaction, the year-old company, a self-styled ‘Vistaprint for Africa’, provides the only fully automated online print service for over 3,000 customers. Since its 2014 launch, it has posted year-over-year growth of 200%, providing local and international businesses with corporate stock collateral, such as business cards, letterheads and notepads.
“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” commented Wale Ayeni, an Investment Director at EchoVC. “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.”
With revenues rapidly growing at 50% quarter-over-quarter, Printivo has secured contracts with leading global brands operating in Nigeria, including Google, Uber, Samsung, DHL and Etisalat. Currently on track to fulfill over 1,000 orders per month, the company is well-positioned to become the primary source for outsourced printing services for Nigeria’s SME market, estimated to consist of some 17 million companies. Printivo has the goal to be the Pan-African e-print platform of choice.
Olu’yomi Ojo, Printivo’s Co-Founder and CEO said, “Securing institutional seed financing means we can accelerate the growth of our online print services and 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.”