In 2021, Printful’s revenue reached more than $289 million, an increase of 39% compared to its revenue of $208 million in 2020.
This increase has allowed Printful to fulfil over 48 million items and reach more than $1 billion in total gross merchandise value (GMV) since its start of operations in 2013.
According to Printful’s CEO and co-founder Davis Siksnans, 2021 has been a transformative year for the creator community, and the company’s record numbers demonstrate the power of independent brands and designers.
However, Printful also reports significant growth of 115% in the enterprise-level customer segment in 2021, having established partnerships with brands like Coca-Cola, MTV, and Comedy Central over the last few years. The company plans to allocate more resources to serve this customer base.
Mr Siksnans said: “We have seen our enterprise customers succeed with print-on-demand, by launching new products with low inventory risks and a short time to market. I believe that other fashion and entertainment giants should seriously consider the on-demand production model to expand their business, offer customisation, and reach a wider network of customers.”
To meet its growing order volume, the company expanded its operations in the US and Mexico and opened a new fulfilment centre in the UK. As part of this expansion, Printful also opened a new office in Latvia to accommodate its ever-growing team. Additionally, the company invested $32.4 million in printing equipment and tech last year alone, with its total investment adding up to $83.8 million to date.
Another major milestone for the company was achieved by securing a $130 million non-control investment from Bregal Sagemount, a leading growth equity firm. This financing established Printful as the first privately owned company with Latvian roots to achieve unicorn status with a valuation of over $1 billion.
Mr Siksnans added: “Despite the challenges presented by the pandemic, 2021 was a monumental year for our company. Reaching new milestones has only proven that we operate in an industry where there is significant potential, so we plan to lead by example, continue improving our services, and strengthen our position as the industry leader.”
Printful’s vision is to offer on-demand production as an environmentally friendlier alternative to conventional manufacturing. Moving forward, the company will continue making strides toward its sustainability and responsibility goals. In 2022, the company also plans to introduce new packaging solutions and integrations, and improve its overall operations to better serve customers worldwide.