Indonesia-based Printerous on Thursday announced that it has raised $1.4 million in a pre-series A investment led by venture capital firm Golden Gate Ventures. The round also saw participation from US-based Sovereign’s Capital and Indonesian Gunung Sewu Kencana, according to the press statement.
Printerous said it will use the fresh capital for customer acquisition and retention, which will further grow its foothold in the country’s $9.1 billion printing market. Printerous also has its eyes set on regional expansion in Southeast Asia.
Justin Hall, principal at Golden Gate Ventures said that not only will the company capitalise on the network to help Printerous grow, but it will also tap its partners to help continue financing the startup into self-sustainability.
“One of our key advantages has always been our network in Indonesia, with strategic partners, corporates, and investors,” he said.
For conglomerate Gunung Sewu, this is the first time it has popped up in the nation’s tech scene. Gunung Sewu is an Indonesia-based group that operates in insurance, food, real estate, consumer and resources (mining), with a workforce of approximately 30,000. The group was established in 1953.
Meanwhile, Kevin Osmond, co-founder and CEO of Printerous said:”We’re blessed to have great lineup of experienced investors, which is a combination of regional and local investors. We’re also blessed with not just investment money, but with business values, advisors, and network connections.”
In 2015, Printerous raised an undisclosed amount of funding from Grace Tahir, a member of Mayapada Group and RMKB Ventures. The startup has also received angel investments from individuals such as KapanLagi Network CEO Steve Christian. Since then, Printerous started operating with a B2B model.
Started in 2012, Printerous offers services such as printing business cards, office stationery, marketing materials, clothing, packagings, and merchandises. The startup also retains its custom printing offerings to individual customers, including (but not limited to) custom jobs for objects like photo prints, photo books, wall decors, gadget cases and pillows.
Today, Printerous serves more than 22,000 customers and 1,100 companies. The startup houses 40 people in two offices: Jakarta (sales and marketing) and Yogyakarta (design and tech).
According to a study by Hewlett Packard Asia Pacific, Indonesia’s overall printing industry reached $5.5 billion in value in 2014. It is expected that the sector will grow to $9.1 billion in 2017, securing Indonesia as the biggest market in the printing industry in Southeast Asia.