Pittsburgh January 4, 2002 printCafe has raised nearly $40 million in new private funding, the online print services purveyor announced this week.
printCafe said it will use the net proceeds from the injection of $39.6 million, raised from existing investors, for working capital purposes and to repay existing debt, including the company's obligations stemming from its April 2000 acquisition of Logic Associates.
Creo, a strategic partner of printCafe, said it is investing $23.6 million in the form of long-term debt. Other investors in this financing include Mellon Ventures, HarbourVest Partners, J & W Seligman and Weiss, Peck & Greer, according to Creo.
Marc Olin, president and chief executive officer of printCafe, hailed the new investment as a sign of investors' confidence in the company and its viability in the market.
printCafe develops supply chain management software for the printing and publishing industry. The company provides print management systems for about 8,000 publication, commercial and on-demand printing facilities, as well as Web-based, enterprisewide print procurement solutions for such companies as General Motors, AOL Time Warner and Hewlett-Packard.
printCafe says it has raised over $160 million in equity and long-term debt since its founding in January 2000.
