PAPIER SECURES $50M SERIES C FUNDING TO FUEL INTERNATIONAL EXPANSION
15 Feb 2022
London, 15 February 2022: Papier, the direct-to-consumer brand at the forefront of the $200B global stationery market, has announced it has secured $50 million in Series C funding. The investment will be used to drive international expansion, with a particular focus on the US, which already accounts for over 30% of revenue, in addition to growing its range of products.
The fundraise was led by the Paris-based firm Singular and was accompanied by DMG Ventures, the backers of Cazoo and Zoopla, Lansdowne Partners and Kathaka, which brings Papier’s total investment to date to $65M. Existing investors Felix Capital (Peanut, Farfetch and Deliveroo) and the ProVen VCTs also participated in the round.
Nahu Ghebremichael, Partner at Singular, will be joining the board at Papier, bringing her expertise in scaling consumer businesses – having worked with the likes of Deliveroo, Target and eBay – and advising the business’s next stage of growth as it bridges both UK and US territories.
Nahu Ghebremichael, says, "Taymoor and the Papier team have completely reinvented stationery for today’s consumer. They’ve taken the traditional charm, sophistication, and personalised touch of the offline paper world, and merged it with a seamless, tech-driven consumer experience and production process. I’ve been so impressed with the team’s vision, ambition, and consumer-first values. We at Singular are thrilled to partner with Papier on taking this world-class brand to even greater heights."
Taymoor Atighetchi, CEO and Founder of Papier, adds, "I'm incredibly excited about the next big chapter in our journey to build a global category-defining brand and thrilled to welcome Singular as a partner in this journey alongside DMGV, Kathaka and existing investors Felix and the ProVen VCTs. With this new round of capital, Papier can take a big bold step forward in our ambition to be a global brand and double down in our investment in the US market."
Since its launch in 2015 by founder, Taymoor Atighetchi, Papier has scaled significantly year-on-year as customers seek high-quality, exceptionally designed stationery produced in a sustainable way. Papier witnessed a huge rise in demand for stationery over the last few years, fuelled by a shift in consumers embracing analogue practises such as journaling and card-sending in pursuit of improved wellness and enriched connectivity. This, paired with a shift in increased home working and the rise of the "home office" during the pandemic, led to Papier’s revenue growing >150% over the past two years.
Papier will be using the investment to tap into the vast US stationery market – US sales already account for more than 30% of the brand’s total revenue and are on course to reach 40% in 2022. To serve the growing US customer base, Papier will be adding additional printing capacity in the market to enable faster delivery, as well as opening its first US office, in SoHo, New York, where it will build a local team with roles across brand, marketing and operations, taking the global team to over 100. This international focus will go hand-in-hand with Papier expanding its product offering beyond its notably loved stationery products into writing and desk accessories.
Sustainability has always been deeply rooted in the business’ mission and will continue to be at the forefront of the business’s mission going forwards. Papier’s on-demand production model means that the business manufactures only what the customer wants instead of holding lots of stock. All Papier products use papers that are sourced from sustainable forests and are FSC certified, meaning that by choosing Papier, customers are making a more sustainable choice and growing global forestry.
Since its inception, Papier has quickly established itself as a household name in the UK by curating eclectic in-house designs and category-defining collaborations, which account for 50% of Papier’s sales. Papier’s collaborators include the V&A, Mother of Pearl, Temperley London, Rosie Assoulin, Headspace and Matilda Goad to name a few.
Millennials are Papier’s biggest customer demographic accounting for 53% of active customers but Gen Z customers are Papier’s fastest-growing audience as they utilise the brand’s stationery products to find balance in their digitally-native lives. Papier has an engaged and brand loyal community with an NPS of over 75% and 90% of customers identifying Papier as "a brand for people like them."