Ottawa-based CanvasPop has raised $3.3 million for its online photo printing service.
Founded in 2009, CanvasPop allows people to print images from iPhones, Instagram, and Facebook, leveraging the company’s dedicated photo distribution facilities in the US and Canada. Customers can choose options like creating magnets, pillows, and canvas or framed prints.
Its funding was led by Celtic House Venture Partners and BDC’s Growth & Transition Capital group within BDC. Shopify CEO Tobi Lütke, Shopify co-founder Cody Fauser, and philanthropist Richard L’Abbé participated as angel investors.
To date, the company has had over 450,000 individual customers.
“We’re proud to be working with BDC and Celtic house and our team of world class investors,” said Nazim Ahmed, CanvasPop CEO. “We are energized by the confidence these investors have shown in our business plan, our marketing strategy and our vision to become a leading platform in the canvas printing and photo gifting space.”
Until now, CanvasPop has been supported by debt and mezzanine financing from BDC. To date, the company has had over 450,000 individual customers.
“CanvasPop is at the forefront of the rapidly growing shift from in-store to online shopping as consumers seek out customized products, services and buying experiences,” said David Adderley, partner at Celtic House. “We are excited to be part of such an innovative company led by two proven entrepreneurs who have successfully built a number of online businesses over the past decade.”
