Gelato Valuation, Funding & Investors

Gelato is valued at $1.1B as of August 2021.

Last Gelato valuation

$1.1B

Undisclosed stage · Aug 2021

Last Gelato funding round

$241M

Undisclosed stage · Aug 2021

Cumulative funding Gelato raised

$270M

across 3 funding rounds

Key investors in Gelato

  • Dawn Capital
  • SEB Pension Fund
  • Insight Partners
  • SoftBank Group
  • Goldman Sachs Asset Management
  • Tellef Thorleifsson

Gelato Overview

About Gelato

Gelato is an Oslo, Norway-headquartered print-on-demand platform operating in 30 countries. It connects entrepreneurs, creators, and brands to local production facilities serving up to 5 billion consumers for customized products like apparel, posters, and mugs. Thousands of businesses integrate its software and APIs for e-commerce scaling, with offices in Boston, London, Moscow, Mumbai, Santiago, São Paulo, Shanghai, Stockholm, Tallinn, and Tokyo.


Founded

2007

HQ

NorwayOslo

Website

gelato.com

Status

Privately held

Customer focus

B2B

Revenue model

Commission, Product sales

Valuation

$1.1B (Aug 2021)

Gelato Valuation

Gelato is currently valued at $1.1B, based on its undisclosed-stage round in August 2021.

The $241M round was led by Insight Partners, with participation from SoftBank Group, SEB Pension Fund, Goldman Sachs Asset Management, John K. Hepburn, Dawn Capital and 1 other investor.

Gelato valuation by funding round

Gelato valuation by funding round
DateStageValuation
Aug 2021Undisclosed stage$1.1B

Gelato Funding History

Gelato has raised a total of $270M across 3 funding rounds.

Gelato's first fundraising round was a $9M Series A in October 2015. The most recent completed round was a $241M undisclosed-stage round in August 2021.

Gelato funding rounds

Gelato funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Aug 2021Undisclosed stageInsight Partners (lead); SoftBank Group; SEB Pension Fund; Goldman Sachs Asset Management; John K. Hepburn; Dawn Capital; Tellef Thorleifsson$241M$1.1BGelato, a Norwegian platform founded in Oslo, enables creators and entrepreneurs worldwide to produce and ship customized print-on-demand products such as apparel, art décor, and photobooks through a global network of local printers in 32-33 countries. It leverages software like GelatoConnect, GelatoCreate, and GelatoConsumer to handle production, shipping, and payments locally, minimizing inventory, reducing shipping times and costs, and promoting sustainability by avoiding bulk manufacturing and long-distance shipping. On August 16, 2021, Gelato raised $240 million in a funding round led by Insight Partners, with participation from SoftBank Vision Fund 2, Goldman Sachs Asset Management, and existing investors including Dawn Capital, John K. Hepburn (chairman), SEB Pension Fund, and Tellef Thorleifsson (CEO of Norfund). This round achieved unicorn status with a post-money valuation of $1.05 billion according to Business Insider and Sifted, or just over $1 billion per other reports, marking one of Norway's largest fundraises that year after Oda's $265 million raise. The funds are earmarked for accelerating market penetration in the US and Asia, expanding into new production hubs and products like 3D printing and customized marketing materials, growing geographic footprint, increasing product offerings, and boosting headcount. Prior to this, Gelato had raised $39 million. In Q2 2021, it reported 120% annual revenue growth overall and 320% year-on-year growth from its API launched in 2019, amid surging e-commerce and creator economy demand fueled by platforms like Shopify, Etsy, and social media. Gelato positions itself in the growing creator economy, valued at $230 billion currently and projected to reach $320 billion by 2025, by democratizing access to global production and distribution for small businesses and individuals. Adam Berger from Insight Partners joined the board, emphasizing Gelato's role in leveling the playing field for creators lacking capital for inventory or logistics.
Jun 2018Undisclosed stageSEB Pension Fund (lead); Dawn Capital$20M-Gelato is a Norway-based customised product marketplace founded in 2007 that enables merchants to create and sell bespoke products including clothing, books, wall art and stationery items. The platform connects producers across 32 global locations with e-commerce sellers, providing local production and delivery capabilities. SEB Pension Fund led a $20M funding round in 2018, with participation from existing investors including Dawn Capital, which had invested in Gelato approximately a decade earlier. However, historical context shows that a 2015 round led by chairman John Hepburn valued the company at $186M, and subsequent funding in 2022 included SoftBank Vision Fund 2 and Goldman Sachs Asset Management, lifting the valuation above the $1B unicorn threshold. The company has continued expanding its platform to serve the intersection of digital production and e-commerce sectors.
Oct 2015Series A-$9M--

Who has invested in Gelato?

7 investors have backed Gelato across its funding rounds, including Dawn Capital, SEB Pension Fund, Insight Partners, SoftBank Group, Goldman Sachs Asset Management and Tellef Thorleifsson.

Lead investors include Insight Partners and SEB Pension Fund.


Gelato Investors

Investors in Gelato by funding rounds participated
InvestorHQRoundsRoleFirst check
SEB Pension FundDenmarkCopenhagen2LeadJun 2018
Dawn CapitalUnited KingdomLondon2ParticipantJun 2018
SoftBank GroupJapanTokyo1ParticipantAug 2021
Insight PartnersUnited StatesNew York City, NY1LeadAug 2021
Goldman Sachs Asset ManagementUnited StatesNew York City, NY1ParticipantAug 2021

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Gelato Competitors

Gelato competitors include listed companies like CEWE Group and Beijing United, and private ones like Jumbotail, Salla, Bizongo and CADDi.

Public and private companies comparable to Gelato
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
JumbotailIndiaBangalorePrivate$88M-$1B11.4x
SallaSaudi ArabiaMeccaPrivate--$1B-
BizongoIndiaMumbaiPrivate$18M-$980M-
CADDiJapanTokyoPrivate--$1.1B-
CEWE GroupGermanyGermanyPublicly listed$1B$160M$835M0.9x
Beijing UnitedChinaChinaPublicly listed$7.6B$373M$2.2B0.2x

Gelato Public Comps

Gelato is still privately-owned, but its public comps include Moonpig Group, Eastman Kodak, GoodRx, Tuhu Car, Brainbees Solutions, Boozt, Chancemate, CEWE Group, Apotea and Suzhou Kingswood.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Moonpig Group$501M$140M2.3x2.3x8.2x8.2x
Eastman Kodak$1.1B($31M)0.8x0.8x(28.6x)-
GoodRx$797M$173M1.8x1.8x8.1x5.5x
Tuhu Car$2.5B$84M0.3x0.2x7.6x7.8x
Brainbees Solutions$866M$29M1.1x1.0x31.8x23.1x
Boozt$845M$71M1.1x1.0x13.0x10.3x
Chancemate$160M$19M3.7x4.3x30.9x28.1x
CEWE Group$1B$160M0.8x0.9x5.3x5.3x

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Common questions about Gelato

When was Gelato founded?Gelato was founded in 2007.
Where is Gelato headquartered?Gelato is headquartered in Oslo, Norway.
Is Gelato publicly listed?No, Gelato is a private, VC-backed company.
What is Gelato's valuation?Gelato was last valued at $1.1B in its undisclosed-stage round in August 2021.
How much funding has Gelato raised?Gelato has raised $270M across 3 funding rounds.
What was Gelato's last funding round?Gelato's last funding round was a $241M undisclosed-stage round in August 2021, led by Insight Partners.
Who are Gelato's investors?Gelato's investors include SEB Pension Fund, Dawn Capital, SoftBank Group, Insight Partners, Goldman Sachs Asset Management, John K. Hepburn and Tellef Thorleifsson.
Which companies are comparable to Gelato?Companies comparable to Gelato include Jumbotail, Salla, Bizongo, CADDi, CEWE Group and Beijing United.

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