The funding round was led by Celtic House Venture Partners and BDC’s Growth amp Transition Capital group a division of BDC Prominent angel investors including Tobi Lutke and Cody Fauser as well as Canadian entrepreneur and philanthropist Richard L’Abbà also participated in the round
We’re proud to be working with BDC and Celtic house and our team of world class investors said Nazim Ahmed CEO of CanvasPop We are energized by the confidence these investors have shown in our business plan our marketing strategy and our vision to become a leading platform in the canvas printing and photo gifting space ”
Founded in , Ottawa-based CanvasPop offers online photo printing services that allow anyone to print virtually any image including Instagram Facebook and iPhone pictures via CanvasPop’s printing and dedicated distribution facilities in the United States and Canada To date CanvasPop has been largely bootstrapped and supported by rounds of debt and mezzanine financing from BDC The company has been able to organically build a successful business with over 450,000 individual customers
We have been impressed with the business that the CanvasPop team has built over the past few years with very little outside capital We believe that today’s capital investment will allow Canvaspop to significantly expand their product mix and to accelerate their market penetration as the personalized photo printing market continues to grow said Robert Shaw Director at BDC’s Growth amp Transition Capital group
CanvasPop is at the forefront of the rapidly growing shift from in-store to online shopping as consumers seek out customized products services and buying experiences said David Adderley Partner at Celtic House We are excited to be part of such an innovative company led by two proven entrepreneurs who have successfully built a number of online businesses over the past decade ”
We’re using this capital to continue expanding our market share and help compete with incumbents such as Shutterfly Snapfish Framebridge Circle Graphics Art com Mixbook Vistaprint Photobox Picanova and many smaller players in a highly fragmented market said Adrian Salamunovic co-founder and Chief Innovation Officer of CanvasPop Ultimately we will be focusing on growth and innovation in a space that has not seen a lot of innovation This will include investments into new product categories and streamlining operations and M&A ”
About Canvaspop
CanvasPop is the web’s most innovative leader in on-demand printing and personalized photo art and photo gifting products Founded in , the company focuses on providing world-class customer support delivering the highest quality products and is constantly innovating the way consumers can order personalized products online CanvasPop has over 450,000 happy customers with printing and distribution facilities in the United States and Canada and ships across the EU For more information please visit canvaspop com
About Celtic House Venture Partners
Celtic House has collaborated with management teams and repeat entrepreneurs to develop technology companies from the inception phase through to exit generating 25 initial public offerings and successful acquisitions From offices in Toronto and Ottawa Celtic House manages in excess of 425 million across three funds To find out more visit celtic-house com
About BDC Growth amp Transition Capital
With more than 2 billion under management BDC Capital is the investment arm of BDC serving as a strategic partner to Canada’s most innovative and high potential firms It offers a range of equity venture capital and flexible growth and transition capital solutions to help Canadian entrepreneurs scale their businesses into global champions To find out more visit bdc ca/capital
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