Mimeo, Inc., the leading provider of web-based, on-demand digital printing and distribution, has finalized a financing round in the amount of $5.5 million with new and existing investors. HarbourVest Partners, LLC led this fourth up-round. Existing investors and insiders including Draper Fisher Jurvetson (DFJ) and Draper Fisher Jurvetson Gotham, the New York network affiliate fund of DFJ, contributed to the remainder of the round.
Mimeo has raised a total of $45.5 million in capital investment since 2000, and will use the proceeds from the new round to accelerate growth and expansion.
“Our ability to attract additional financing further validates the success of the Mimeo product as well as our business path toward sustained profitability. We are enormously pleased with the response and the support from premier firms like HarbourVest and DFJ,” said John Lyons, CEO of Mimeo. “Mimeo has enjoyed tremendous customer and revenue growth in the past 18 months by providing an easy-to-use, high-quality on-demand print and distribution solution for business customers worldwide.”
About the Mimeo Service
Mimeo allows customers to print directly to Mimeo’s color and black-and-white high-speed digital printers from the most commonly used software applications. Mimeo’s proprietary system is built on three key components: technology, the Internet and a state-of-the-art print facility.
The core of the patented Mimeo system is its proprietary “ExactPrint” technology. By installing Mimeo’s print driver on any Windows-enabled desktop, a user can transmit files to Mimeo accurately and securely via the Internet. This gives a user the ability to print with the simplicity and comfort offered by the File/Print command found in most desktop software. Complex tasks such as collating, tabs, binding and covers are easily accomplished in the customer’s web browser.
Since customers access the Mimeo system over the Internet through their web browser, virtually all of the technology and programming behind the services is on Mimeo’s servers, not on the customer’s. This ASP model means the customer avoids all costs associated with installing and maintaining a system. Mimeo also enables businesses to store their documents digitally and securely, on Mimeo’s servers.
The final step in Mimeo’s system is its world-class document production facility located in Memphis, Tenn., adjacent to the runway of FedEx’s North American hub and United Parcel Service’s Memphis shipping hub. Mimeo’s centralized production facility features the latest in digital printing technology. Documents can be submitted as late as 10 p.m. for printing and delivery to multiple locations anywhere in North America by the next morning.
About Mimeo, Inc.
Founded in 1998, Mimeo has grown to become the leading provider of on-demand print services. Mimeo is headquartered in New York City, with a centralized production facility in Memphis, adjacent to the FedEx hub and one of UPS’s largest shipping facilities. The company’s growing customer base includes Hewlett-Packard, Siemens Medical Solutions, AON Consulting, Perot Systems, jetBlue, Charter One Financial, Inc., and JP Morgan Chase & Co.
About HarbourVest, LLC
HarbourVest Partners, LLC is a global private equity firm and registered investment advisor, providing vehicles for institutional investors wishing to invest in venture capital and buyout markets in the U.S., Europe, and elsewhere through primary partnerships, secondary purchases, and direct investments. HarbourVest has 113 employees, including 50 investment professionals, in Boston, London, and Hong Kong. During its 20-year history of investing, the team has committed $7.9 billion to 200 managers of private equity funds on a primary basis, completed $1.3 billion in 210 purchases of secondary partnership interests, and invested $1.9 billion directly in operating companies. The firm’s clients include more than 200 pension funds, endowments, foundations, and financial institutions from the U.S., Europe, Canada, Australia, and Japan. For more information, visit www.harbourvest.com.
About Draper Fisher Jurvetson
Draper Fisher Jurvetson is the leader in seed and early stage venture capital, typically serving as a startup’s first outside source of financing. Founded in 1985, Draper Fisher Jurvetson has created a global network of affiliated venture funds with approximately $3 billion in capital commitments and offices in the major technology centers around the world. Headquartered in Silicon Valley, the firm has proven expertise in identifying and helping extraordinary entrepreneurs who want to change the world. For more information, visit www.DFJ.com.
About DFJ Gotham
Draper Fisher Jurvetson Gotham (DFJ Gotham) is a $100 million early-stage, IT venture capital fund focused on companies in the greater New York region. As a Draper Fisher Jurvetson affiliate fund, DFJ Gotham shares the knowledge, resources and contacts of more than 12 DFJ-network funds, which have over $2.5 billion under management and more than 250 portfolio companies.
