Digitally printed textile firm secures $25m investment
Digital textile printing company Spoonflower has revived a $25 million investment by a growth equity investment firm which hopes to capitalise on the demand for custom textiles.
Spoonflower quotes figures from research firm InfoTrends which suggest the digital printed textile market will grow 35% per year until 2018.
It is estimated to be worth more than $12 billion and make up 1% of the overall textile market.
"Digital textile printing is finally coming of age," said Spoonflowe co-founder Gart Davis. "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."
Spoonflower was launched in 2008 after the founders were frustrated by the limited selection of commercially available fabric prints. The company now employs 150 and continues to grow, with nearly 30% of its orders being exported. It plans to open an office in Berlin, Germany.
