Ottawa-based e-commerce startup Canvaspop has been acquired by Colorado’s Circle Graphics for an undisclosed amount.
Canvaspop declined to reveal the financial terms of the deal, but told BetaKit the final outcome was “very well received” by the startup’s institutional and angel investors and board of directors, which include Celtic House Venture Partners and Shopify CEO and co-founder Tobi Lütke.
Canvaspop has been working with the Circle team for several years now.
With the support of HIG and Circle, which produces digital graphics for consumers, professionals, and businesses, Canvaspop will continue to operate independently and aims to build its brand “at a greater scale.”
“Following the acquisition, the entire Canvaspop team will continue to operate independently while having the full support of the Circle Graphics umbrella, offering the team a wider variety of physical products, increased marketing support, and access to a global fulfillment network,” Canvaspop CEO and co-founder Nazim Ahmed told BetaKit.
Founded in 2009, Canvaspop offers an online printing service that helps users to turn their photos into wall art. The startup currently serves over 450,000 customers across the United States, Canada, Europe, and Australia.
In 2018, Canvaspop raised $3.3 million in a funding round that was led by Celtic House Venture Partners and BDC’s Growth & Transition Capital group. The round was also supported by Lütke, Shopify co-founder Cody Fauser, and philanthropist Richard L’Abbé.
According to Ahmed, Canvaspop and Circle have been working together for several years, with Circle acting as a fulfilment partner for Canvaspop. The Canvaspop CEO said Circle has created “the leading physical infrastructure when it comes to the fulfillment of wall decor products.”
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Ahmed said the acquisition not only strengthens Circle Graphics’ portfolio but gives Canvaspop the resources it needs to bring its brand “to the next level.”
“Canvaspop has become the brand leader in personalized wall decor, with a well-established global following,” said Andrew Cousin, Circle Graphics’ CEO. “Today’s announcement presents an exciting opportunity to work collectively with the Canvaspop team to accelerate its growth and provide them the resources they need to maximize their vision, while growing Circle’s portfolio of online properties.”
Circle Graphics is owned by Florida-based HIG Capital, a global alternative private equity investment firm. Circle’s growth strategy involves acquiring brands to expand its presence in the personalized products market.
The deal follows Circle’s acquisitions of Graphik Dimensions last November and Bay Photo in August 2020. Canvaspop is Circle’s fifth acquisition since it was acquired by HIG in September 2019.
Feature image from Canvaspop