Gogoprint raises US$7.7mil in Series A funding
By Digital News Asia October 9, 2018
- Gogoprint has operations in Thailand, Malaysia, Singapore and Indonesia
- Funding was led by Online Printing Group; will accelerate Gogoprint’s product development
SINGAPORE-headquartered online printing startup, Gogoprint, has successfully raised US$7.7 million (RM31.98 million) from institutional and private investors. Series A funding was led by OPG (Online Printing Group), the investor and partner behind the success of Printi.com.br in Brazil.
This round of financing will further accelerate Gogoprint’s product development roadmap and regional expansion into new markets: Australia in H2 2018, followed by New Zealand and South Korea in the next twelve months.
Gogoprint works with over 45,000 small and medium businesses (SMBs) and startups across Asia-Pacific, producing business stationery and promotional print products such as business cards, flyers, booklets, promotional pens and flash drives. Its unique algorithmic matching technology allows businesses to secure customized and high-quality printed materials with greater convenience, cost-effective rates, and fast turnaround times. It does this using its proprietary algorithmic software which manages and pools together client orders and distributes the cost of printing via its network of over hundreds of printing partners.
“Gogoprint is seeing tremendous demand for our services from small and medium businesses across Asia-Pacific,” said David Berghaeuser (pic, right), co-founder and managing director of Gogoprint. “We are delighted to have the continued support from all existing investors who share our vision, to build the leading online printing business in Asia-Pacific. Moreover, their support allows us to accelerate our global expansion and product development, amid what’s been an incredible period of growth for our business.”
Kai Hagenbuch, Director at OPG echoed Berghaeuser’s sentiments around how Gogoprint’s experience from its market-by-market expansion in Southeast Asia will be vital in its broader APAC expansion strategy. “There are a handful of big-name online printers operating in the region. However, each of them has localised operations as they have been unable to truly expand regionally into Southeast Asia due to operational and market form factors. Gogoprint has found the right formula to win more and more customers by creating true value: providing something that’s better at a cheaper price point, and with enhanced speed to market.”
“This compelling advantage offers Gogoprint the opportunity to become a game changer. We are committed to supporting Gogoprint’s growth strategy as they continue to bring innovative solutions to the market and execute on their long-term vision,” added Kai.
Gogoprint’s technology-first approach has the power to solve the printing industry’s biggest pain points: - high fixed costs and requisite order volumes for budget-conscious SMEs and startups. Since its launch in 2015, Gogoprint has experienced exponential growth across its markets in Thailand, Malaysia, Singapore and Indonesia, with a headcount of 125 staff and plans to hire an additional 30 more to their ranks.
To date, Gogoprint has experienced 200% year-on-year growth in customer acquisition, attracting over 45,000 customers with over 250 million products printed. Their clients include Honda, Lazada, Lion Air, Yamaha, Nanyang Technological University Singapore and Booking.com.
The company has also outlined its goal to become a marketplace for printing suppliers which would provide their printing partners the opportunity to grow their revenue base and keep their print machines utilised at optimal levels while maintaining competitive prices for clients.
Business owner and CEO Itikon Senpaniarak is one of Gogoprint’s earliest and largest suppliers. Around his experiences working with Gogoprint, he said, “Since partnering with Gogoprint, our company has consistently increased our machine orders and exceeded revenue targets by more than 25%. It has been a fruitful collaboration built on professionalism and dynamism, and we look forward to continue working with Gogoprint towards mutual and long-term growth.”