Spoonflower, a world leader in on-demand digital printing of custom fabric, wallpaper and gift wrap, just secured a $25 million minority investment expected to help it transform the textile sector.
The North Carolina-based company will use this infusion of capital to accelerate innovation and introduction of new product offerings, and drive international expansion.
“Digital textile printing is finally coming of age,” Spoonflower co-founder Gart Davis, said. “The time is right to invest in growth and to bring on a partner like North Bridge, who shares our optimism about the opportunities to transform an industry through on-demand manufacturing.”
With this investment, led by Boston-based growth equity firm, North Bridge Growth Equity, in participation with Bull City Venture Partners, Partner Russ Pyle and Principal Holly Maloney from North Bridge Growth Equity will join Spoonflower’s Board of Directors. David Jones of Bull City Venture Partners will also join the board as an observer.
“Our investment will support continued rapid growth as they address related opportunities in the textile market, such as home goods and apparel,” Pyle said.
According to the company, this is the first North Carolina investment by North Bridge Growth Equity, which manages $3.8 billion in capital.
Spoonflower was launched in 2008 by what the company calls “two self-described Internet geeks” whose partners were frustrated by the limited amount of commercially available fabric prints. It now has 150 employees in Durham, N.C. and is planning to open an office in Berlin, Germany.
“We love Spoonflower’s passionate and engaged relationship with its loyal customer community, which is unique,” Maloney said. “The company’s proprietary technology, process know-how and organic branding have positioned Spoonflower as a market leader with numerous options to execute against in this next phase of growth.”