Photo: Rando Rannus
Siena Secondary Fund, an investment fund founded in early 2021, which focuses on secondary market transactions in high-growth late-stage startups by providing liquidity to early investors, (ex-)employees and founders, made its first deal in Latvia, acquiring a stake in Printify - an e-commerce marketplace that offers print-on-demand service for various companies and creators around the world.
Printify is one of several print-on-demand companies in the world that have emerged in recent years, growing rapidly in the tailwind of the wider creator economy industry expansion. There are more than 50 million creators/influencers in the world, for more than 2 million of whom it is their main job. Printify's on-demand printing platform allows them to expand their revenue sources into new areas, by selling their own branded merchandise, doing it as (cost)efficiently for the creator as possible. Last year, Printify raised more than $45 million from world-renowned venture capital fund Index Ventures, H&M group, Virgin group and many well-known angel investors such as Will Smith with the aim of continuing rapid growth across different countries and product lines.
"We are happy that we now have leading start-ups from all three Baltic countries represented in our portfolio. As to Printify, a Latvian success story, there is a probability that it can grow into the next Latvian unicorn", commented Rando Rannus
, partner of Siena Secondary Fund.
Siena Secondary Fund has raised funds from over 70 investors from successful old and new economy entrepreneurs across the Baltics and Finland and has currently acquired stakes in several well-known start-ups such as Bolt, Testlio, Starship Technologies, Veriff, Kry and TransferGo.