British online stationery startup, Papier, has reportedly announced that it has raised over $50 million in its latest Series C funding round, to fuel its global expansion and offer a wider range of products.
The round was led by Singular, a Paris venture capital firm, and saw participation from dmg ventures, the venture capital arm of Daily Mail Group and General Trust plc., Kathaka, and Lansdowne Partners, along with existing backers Beringea and Felix Capital.
The London-based startup has raised $65 million since its inception, and while it has not disclosed its valuation, the firm has claimed that its revenues have increased by 150% in the last two years.
Taymoor Atighetchi, founder and CEO of Papier, said that the funding will be used in its US expansion as well in broadening its offerings to add more paper-based products, while also providing more writing supplies like pens, pencils, and desk storage products.
In an interview, Atighetchi stated that the startup’s mission is to build a global stationery brand, as the market, with a $200 billion value, does not have a strong online presence, with nothing category-defining, unlike other verticals.
Atighetchi also stated that while the firm plans on staying private for now, the public listing will be an important part of its journey.
With paper-based industries, such as publishing firms, becoming more digitalized, Papier has presented a different route for analogue products that are gradually becoming more obscure, while ensuring not to dismantle the whole revenue base.
Atighetchi outlined that part one of the company’s growth plans was gaining more awareness in the market about the range of products that are being sold, citing that within the UK brand awareness hovers around 30% while in the US it is around 15%. This meant that most of its investment would be towards marketing to those buyers who are not aware of Papier.
With the U.S. in particular focus, the startup is expecting that the destination will account for 40% of its total revenues this year, which has grown five-fold since 2019.