MELBOURNE, Australia--(BUSINESS WIRE)--Redbubble, the leading online marketplace for artists designed products, has raised $15.5 million from a consortium of institutional investors in an oversubscribed capital raising. Investors include Melbourne-based Acorn Capital, and Piton Capital, the London-based specialist marketplace investor. These institutions join current high-profile, high-net-worth investors including Simon Baker, Michael Birch, Stan Chudnovsky, Su-Ming Wong and Simon Yencken.
Redbubble founder and CEO, Martin Hosking, said, “We are delighted to have closed the round with such strong institutional investors. The funds will allow us to service the growing consumer wave for personally relevant and creative products and accelerate our product rollout and plans for further international expansion.”
Redbubble also announced that Greg Lockwood, partner at Piton Capital, is intending to join the company’s Board of Directors. Mr Lockwood will join independent directors Chris Nunn (new appointee), Teresa Engelhard and Stephanie Tilenius along with Chairman Richard Cawsey and Martin Hosking. Richard Cawsey added: “The Board members bring an exceptional depth of international and marketplace experience to assist in Redbubble’s next phase of growth.”
Redbubble hosts 14 million unique images that can be printed on a diverse collection of lifestyle products including apparel, homewares, fashion and technology accessories, and wall art. In 2014, more than 1.2 million customers shopped on Redbubble and more than 60,000 artists made sales. It has a global customer base with more than 90% of sales from outside Australia. The company is tracking to over $100 million in sales for CY15 and has staff spread evenly between its Melbourne and San Francisco offices. Since inception, artists have earned over $30 million through the Redbubble marketplace.
This month, Redbubble launched its first women’s street style fashion collection and Spring marketing campaign themed “Art in Motion” taking its print-on-demand model into new segments.
Redbubble was advised by EM Advisory and Allens Linklaters on this raising.
Redbubble is an online marketplace where people can shop for lifestyle
products featuring work from independent artists and designers
worldwide. Hosting over 14 million pieces of art, Redbubble brings the
creativity of independent artists to life on products ranging from
apparel and art to technology and home décor. Leading-edge
print-on-demand technology enables production individually for each
consumer as they order.
The Redbubble marketplace allows artists to showcase their creativity and individuals to find items that express their personal style. Launched in 2007, Redbubble is headquartered in Melbourne, Australia with a U.S. base in the Bay Area.