The market, until now, has had no credible online presence.
According to officials at Printivo, the beneficiary, the “six-figure” investment would be used to significantly broaden the company’s product range, increase headcount, accelerate customer acquisition and scale the business.
The funds acquired from early-stage technology venture capital firm, EchoVC Partners, will enable Printivo initially service Nigeria’s booming small and medium size enterprise (SME) sector.
Oluayomi Ojo, Printivo Co-Founder and CEO, said securing institutional seed financing means the company could accelerate the growth of its online print services and community platform and achieve the ambitious targets it had set for itself as Printivo transformed an industry that has, until now, lacked digital infrastructure, investment and innovation.
“We can now transition print from bricks and mortar 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,” said Ojo.
Wale Ayeni, Investment Director at EchoVC Pan-Africa Fund, said the progress Printivo made in changing the Nigerian SMEs print purchasing habits and built a customer base that runs into the thousands was impressive and a key driver in the company’s decision to invest.
He said EchoVC saw 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 (Printivo’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,” said Ayeni.
With revenues rapidly growing at 50 percent quarter-over-quarter, Printivo has secured contracts with leading global brands operating in Nigeria including Google, Uber, Samsung, DHL and Etisalat.
Nigeria’s print market is valued at U$200 million.
– CAJ News