Printerous Secured Series A Funding, Currently Focusing on Expansion
Funding received from BAce Capital, AddVentures, GDP Ventures, Gobi Agung and Sovereign's Capital
The online platform for printing and packaging, Printerous announced series A funding from BAce Capital, AddVentures, GDP Ventures and Gobi Agung. Sovereign's Capital, the previous investor also participated.
The investment is to be used for developing technology infrastructure and expanding coverage to 30 new cities in Indonesia, including to develop a sustainable business model. Pinterous is said to be profitable, therefore, the recent cash will be focused on expansion, in terms of business and products.
"The printing market in Indonesia has reached US$14.5 billion in 2019, this is quite big for the public's majorty are still using conventional printing. This is encouraged us to improve technology innovation to help SMEs with solution for design, printing to distribution. The online printing innovation is to create a seamless, efficient, and transparent process," Pinterous' Founder & CEO, Kevin Osmond told DailySocial.
Since its debut in 2012, Printerous has collaborated with more than 250 printing merchants and supported more than 35 thousand business players. In the journey, they still have some issues, including market education. It's because the service is quite new in Indonesia.
"We partner with printing and logistics partners, so we can create an easy, transparent and cost-effective printing solution. This business model has been implemented in the emerging markets such as Japan, China, the United States, and Europe, where the so-called-conventional printing industry transformed into digital," Kevin said.
GDP Venture's CEO, Martin Hartono said to continue to support the local startups in order to develop the domestic industry. "We always support local startups in Indonesia to develop new solutions, one of which is Printerous in the printing and packaging industry."
"Printerous can empower the traditional industry using its technology and additional services, therefore, it can be very advantageous for the printing business and users. Printerous is one of Indonesia's startups we believe to have big potential," Mulyono said as BAce Capital's Managing Director.
Previously, the company has received pre-series A funding worth of 18 billion Rupiah, led by Golden Gate Ventures, followed by Sovereign's Capital and Gunung Sewu Kencana.
–Original article is in Indonesian, translated by Kristin Siagian