Gelato in a $240 million deal backed by Insight Partners, Softbank and Goldman Sachs.

Gelato, an Oslo, Norway-based company providing on-demand printing services, announced the completion of an investment deal totalling $240 million.

The deal is a combination of a secondary transaction of $60 million and a capital increase of $180 million. Contributors to the round were led by US-based Insight Venture Partners, joined by Softbank and funds managed by Goldman Sachs Asset Management. Existing investors, including Dawn Capital, John Hepburn, chairman of Gelato, SEB Pension Fund, and Tellef Thorleifsson, CEO of Norfund, also participated.

Insight Partners CEO Adam Berger becomes part of Gelato's board.

The capital injection will accelerate Gelato’s market penetration and growth in the US and Asia, and its expansion of new local production hubs and products, including 3D printing.

Gelato Group, founded in 2007 by CEO Henrik Müller-Hansen, operates an on demand printing service that lets businesses and individuals order what they need online. Through its hyper-local network of worldwide production partners and software, Gelato solves the challenge of producing and distributing customized products (such as wall art, clothing, books, and home decor) to a global customer base for both ecommerce entrepreneurs like Andy Okay and Your Film Poster, and global companies like Canva. As orders are made on demand and near the end-customer, it slashes delivery times, waste, carbon emissions and costs. Gelato also removes the sellers’ need to manage inventory, manufacturing or shipping - allowing more time to focus on creation, sales and marketing.

Gelato generated revenue of NOK 620 million ($72M) in 2020 and has previously raised $8.7 million in 2020.