- Gelato has become Norway’s latest unicorn startup after raising $240 million.
- The company allows creators and companies to print and ship their designs across the globe.
- Fresh funding comes from Insight Partners and SoftBank Vision Fund 2.
- See more stories on Insider’s business page.
Norway has its latest tech unicorn in personalized printing startup Gelato, which has raised a fresh $240 million from the likes of Insight Partners and SoftBank.
The startup, which was founded in 2007, connects creators and e-commerce stores with a global network of professional printers.
Gelato’s system means that creators can print in a location closest to where the order originated, reducing shipping costs, emissions, and delivery times.
The Norwegian firm’s API offers a “print-on-demand” service to creators that means they no longer have to invest time and money managing stock. Gelato allows artists and designers to ship products to more than 30 countries.
Based in Oslo, Gelato says it had been growing well before the pandemic but has benefitted from an acceleration towards e-commerce, the company’s CEO and founder Henrik Müller-Hansen said.
“E-commerce platforms like Shopify saw a surge in demand with lockdowns as consumer demand moved online while at the same time companies like Stripe, Adyen, and Klarna allow you to manage complicated global transactions,” he told Insider. “Consumer demand grew massively and as a result the creator — or passion economy — grew too.”
An artist in London can have a design purchased by a consumer in New Zealand, with Gelato able to print and ship the item locally, saving on time and costs.
“Gone are the days of manufacturing in one place and shipping to six locations, now you can produce and ship from one place which reduces waste,” Müller-Hansen said.
Gelato had only raised $39 million in funding prior to this round and has now achieved a unicorn valuation of $1.05 billion.
The startup wants to expand the types of products it can offer, increase its geographic footprint, and boost its headcount.
Gelato’s funding round was led by New York’s Insight Partners with participation from SoftBank Vision Fund 2, as well as funds managed by Goldman Sachs Asset Management, and existing investors, including Dawn Capital and SEB Pension Fund.
Müller-Hansen told Insider he had been in touch with partners at Insight and SoftBank for the best part of a decade before securing the most recent raise.
Check out the startup’s pitch deck: