Issuu Announces Raising $31 Million of Committed Financing from Capital IP
PALO ALTO, Calif., Sept. 28, 2021 /PRNewswire/ -- Issuu, the global leader in digital content publishing, today announced the company has secured a $31M round of financing from Capital IP.
Issuu will use the capital to scale teams across the company, invest in new product expansion, and compound accelerating growth.
"Over the past few years, we've seen a significant upswing in both new customer acquisition and active use on Issuu," said Joe Hyrkin, chief executive officer at Issuu. "While Issuu continues to be the leading platform for SMB content marketing, catalogues, brochures, menus, real estate guides, architecture portfolios, and publications across every digital channel, we're also seeing a huge increase in the creator economy ecosystem."
Continued Hyrkin, "Last year we saw 840% growth in digital sales thanks to independent creators using Issuu to sell their content across social media platforms. Across the board, hundreds of millions of businesses globally are embracing the necessity to distribute their content digitally and Issuu will be here to help them. Capital IP's investment will provide valuable support to further expand Issuu's leadership in this market."
Capital IP Managing Partner Aron Dantzig said, "We are excited to partner with the Issuu team to further drive the company's successful record in empowering content creators to seamlessly create, transform and distribute content. The Issuu business model has exhibited strong historical growth, which has been further accelerated by recent digital trends in content marketing. Our investment will help Issuu bolster the company's industry leading technology platform and further enhance the value proposition for millions of Issuu's publishers and readers, while allowing Issuu to build ever-closer integrations with leading content distributors."
This new round is the first for Issuu since July 2014, when the company raised $10 million from Heartcore Capital and Japanese Telco, KDDI. Hyrkin is a well-known advocate for profitable growth, a business strategy known colloquially as ProGro. Hyrkin has spoken extensively on the topic and recently released an eBook to help startups who wish to learn about the ProGro path.
"ProGro is about delivering sustainable customer value. After 17 consecutive quarters of profitable growth, even in the midst of a global pandemic, we're in a great position to raise capital from a creative and supportive firm like Capital IP. We see them as an important partner to help us fuel the expansion of our team, product, and vision."
Last month, Issuu opened a new product development office in Braga, Portugal - a burgeoning tech and engineering hotspot. Hyrkin has also been filling out his executive roster, recruiting back former Issuu executive and Boston Consulting Group innovator Alexander Grosse as chief technology officer, and hiring Slack and Workday veteran April Sandoval as Head of Business Intelligence.
About Issuu
With over 30 million publications hosted and 4+ billion monthly page views, Issuu is the largest SaaS content publishing and marketing platform in the world. The Issuu Story Cloud empowers content creators to transform designs from static files into marketing assets for every distribution channel - including flipbooks to embed in websites and blogs, mobile-optimized articles, motion-graphic stories for social media, GIFs for email, and more.
Founded in 2006, Issuu is headquartered in Palo Alto, Calif. with offices in Copenhagen, Berlin, and Braga, Portugal. For more information, please visit Issuu.com.
About Capital IP
Capital IP is a specialty credit firm focused exclusively on investments in technology and technology-enabled businesses. Its collaborative approach to investing, combined with our technology-industry expertise, allows it to assess the intrinsic value of growing technology businesses and to offer a range of novel, creative financing solutions. The Capital IP team has a long, proven history of providing flexible structured credit to companies in the enterprise technology sector, and it continues to lead the industry in financial innovation. The principals of CapIP have historically invested over $1.2 billion in innovative, emerging companies. For more information on Capital IP Investment Partners, please visit: www.capitalip.com.
SOURCE Issuu
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