Established in the Netherlands and operating with dual headquarters in Ukraine – where the majority of its workforce is based, Cloudprinter.com operates a print-on-demand platform that comes with local and global print management tailored for large enterprises.
The business said it had “surmounted significant geopolitical and economic challenges to secure this financing”.
The investment features a diverse range of backers, including existing shareholders like the Brabant Development Company, a family office, and internal management.
The venture capital arm of the Western NIS Enterprise Fund, u.ventures, has also joined the funding round as a major new Ukrainian stakeholder.
“We’re incredibly excited to invest in Cloudprinter.com,” said Andrew Sorohan, venture director at u.ventures.
“In our view, they have the potential to 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.
“Their pioneering approach to print-on-demand solutions perfectly aligns with our mission to catalyse economic growth and technological advancement.”
This new round of funding advances Cloudprinter.com from start-up to scale-up, with plans for an even larger funding round next year aimed at accelerating the company’s growth trajectory further.
Marta Stetsko, managing director at Cloudprinter.com, told Printweek the new funding would be used for the creation of a new service for printers that is a white-label version of its platform.
She also stated: “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’ve managed to build a fantastic platform despite all challenges and fears. We’re ecstatic to have partners who share our vision.”
In 2019, Cloudprinter.com gained funding of €3m in a pre-seed round. It followed this last year after raising a further €7m in funding to help grow its global presence.
The business now has 48 staff worldwide, having cut down the number of people it employs to become leaner, according to Stetsko.
It is active in over 100 countries and it currently has 280 print partner locations in its network – a number it is planning to increase to 500 by the end of this year.
