Development Bank of Wales completes successful exit from Pwinty
The Development Bank of Wales has confirmed its exit from Pwinty, the Cardiff-based API platform that specializes in international print fulfilment.
Pwinty was established in 2016 by Tom Gallard with an equity investment of £120,000 from the Development Bank of Wales. As an API platform specializing in international print fulfilment, Pwinty developed a global network of high-quality on-demand printing manufacturers before being acquired by the Prodigi Group in 2017.
Ranked 14thon the Sunday Times Virgin Atlantic Fast Track 100, Prodigi is the world’s leading print on demand platform. Together with Pwinty, Prodigi is now building a global print on demand network designed to let businesses, brands and retailers transform digital imagery into physical products such as t-shirts, photo books, canvases and 3D prints. The software engineering hub in Cardiff employs 120 people and Group turnover is expected to double this year from £18 million in 2019/20.
Tom Gallard is now Chief Technology Officer for the Prodigi Group. He said: “As the saying goes, mighty oaks from little acorns grow. Thanks to the backing of the Development Bank, we have enjoyed exceptional growth since our launch in 2016. After winning several large deals with Prodigi, it became increasingly obvious that we shared a similar vision for the future and could grow much faster by combining our resources.
“Our growth since the merger has been phenomenal and it is now time for us to rationalise our shareholding structure. We are very fortunate to be in a position where we can repayour initial backers but we remain incredibly grateful for their support and guidance during our early years. We’re now focused on scaling our business globally from our base in Cardiff. We’re excited about our future and urge anyone with an idea and a desire to start-up their own business to have a chat with the Development Bank. It could be the best phone call you ever make.”
Sam Macalister-Smith is a Portfolio Executive with the Development Bank of Wales. He added: “The growth of Pwinty as part of the Prodigi Group is a real success story for Wales and a reflection of the great things that can be achieved when you have the right investment partner.
“Our funds are perfect for tech ventures that need initial venture capital to finance the early stages. Our flexibility means that we can work with a business providing patient capital and also exit at a time that is right for all involved. Having worked with Tom from day one, it’s great to see how well the business is now doing and we wish them every success with their future plans.”
The Development Bank of Wales was advised by Geraint Tilsley of Geldards.