A Singapore-based online printing startup is settings its sights on New Zealand and Australia as its next destinations on its roadmap.
Gogoprint raised US$7.7 million (NZ$11.9 million) in a Series A funding round, which will help to finance regional expansion and product development.
Gogoprint launched in 2015 and now works with 45,000 small business customers across Southeast Asia.
It produces stationery and promotional print products such as business cards, flyers, booklets, promotional pens and flash drives.
It also uses ‘algorithmic matching technology’ to pool client orders and distribute the cost of printing over hundreds of printing partners.
The company says its 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.
According to Gogoprint managing director David Berghaeuser, the company sees demand from all over Asia Pacific.
“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.”
So far the company has experienced ‘exponential’ growth in Thailand, Malaysia, Singapore and Indonesia. It supports 125 staff, with plans to hire an additional 30 staff.
It plans to expand to Australia in H2 2018, followed by New Zealand and South Korea in the next 12 months.
Online Printing Group (OPG) led the Series A funding round. Director Kai Hagenbuch adds that Gogoprint needs to use its experience in Southeast Asia to help its wider 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,” he explains.
“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.”
Gogoprint has plans to become a marketplace for printing suppliers in future, which would provide printing partners the opportunity to grow their revenue base, optimise print machine use and maintain competitive prices for customers.
“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,” Hagenbuch concludes.