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Wednesday, Oct 23rd

Nigeria-based digital printing startup secures six-figure investment

Nigeria-based digital printing startup secures six-figure investment.

Digital printing startup, Printivo, has secured seed financing from early-stage technology venture capital firm, EchoVC Partners as part of an investment aimed at broadening the company's product range, increasing headcount, accelerating customer acquisition and scaling the business.

"Initially servicing 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," announced EchoVC Partners in a statement.

Olu'yomi Ojo, Printivo co-founder and CEO described the value of the deal for his company, which looks to become a big player in Africa's $6bn printing sector.

"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."

The one year old Printivo claims to provide fully automated online print service for over 3,000 customers such as business cards, letterheads and notepads, and has seen year-on-year growth of 200% since its launch in 2014.

"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," said Ojo.

EchoVC Partners says it is backing Printivo for reasons that include African consumers' increasing visual literacy, brand adoption, and their uncompromising demand for quality.

Printivo aims to grow its consumer base through a focus in particular on Nigeria's multi-million dollar wedding industry. The startup counts Google, Uber, Samsung, DHL and Etisalat among its customers in Africa's largest economy and claims to be on track to fulfilling 1,000 orders per month in the near future.

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