Seed Program: Nigeria’s Printivo in 500 Startups’ 20th Batch

 

500 Startups, a venture capital firm and startup incubator in Silicon Valley, has announced the companies in the 20th Batch of its Seed Program, and it includes Nigeria’s digital printing startup, Printivo.

Launched in 2014, Printivo is an online print provider that aims to help Nigerian startups and SMEs print business and marketing materials with ease.

The startup has raised funds from international investors, specifically from EchoVC, which invested a six-figure sum in a seed funding round back in 2015.

Printivo provides customers with free templates created by designers across Nigeria. Its ultimate goal is to become the primary print outsourcing partner to the over 17 million active Nigerian SMEs.

As part of the 20th Batch, Printivo will get access to mentorship, hands-on sessions with startup experts, access to the 500 Family, and a great office space during the course of the program – four months.

Also, it will receive a gross investment of US$150,000 [1] (US$37,500 program fees are deducted, leaving the startups with a net sum of US$112,500) in exchange for a 6% stake.

The 20th Batch will take place in San Francisco from January (started already) to May 2017 and end in a Demo Day where the selected startups will pitch to potential partners and investors.

Since inception in 2010, 500 Startups has invested in a wide variety of technology startups all over the world through its programs. This includes Nigeria’s TalentBase and Aella Credit which are both demoing soon.


[1] The investment is structured as a convertible security (which is like a convertible note, but it is better because it doesn’t accrue interest and doesn’t require payback in the future).

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