Goldman Joins Financing as Norway’s Gelato Passes $1 Billion
(Bloomberg) -- A Norwegian software company has secured financing from funds managed by Goldman Sachs Asset Management as well as SoftBank Group Corp. in a deal that pushes its valuation just over the $1 billion mark.
Gelato AS, which sells printing services by giving customers access to a network of providers, raised a total of $240 million in a financing round that was also joined by SoftBank Group Corp. and led by New York-based private-equity firm Insight Partners, according to a statement.
The company could prove a “game changer” for entrepreneurs, according to Adam Berger, managing director at Insight Partners and a future board member at Gelato. Using its software, startups that don’t have any equipment themselves get access to the tools they need to help print their designs on everything from clothing, to mugs and posters, as well as basics like brochures. Gelato plans to use the cash from its latest financing round to expand into 3D printing.
Existing investors such as Dawn Capital LLP and SEB Pension Fund also contributed fresh funds, with the extra money intended to help Gelato spread its reach in the U.S. and Asia.
Gelato says it expects the market for the kind of customized software products it makes to grow from $230 billion to more than $320 billion by 2025. “Our platform is taking an active part in transforming global manufacturing as we know it,” said the company’s founder and chief executive, Henrik Muller-Hansen.
Founded in 2007 and headquartered in Oslo, Gelato saw annual revenue growth of 120% in the second quarter of this year.
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