From a domestic company “Printify“A total of 50 mln. ASV a fifth of the dollar has already reached its staff.
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At the end of the investment round, one-fifth of the amount, or about USD 10 million, has been received by those Printify employees who have chosen to sell their shares in the company. Printify is one of the first start-ups in Latvia to grant stock options to most teams, regardless of the amount of remuneration received by employees. This approach serves as an additional motivation and benefit (bonus) system for industry professionals who have helped to promote the company’s rapid growth. Thus, employees are also co-owners of the company, and therefore their interests are the same as those of the management – to increase the value of the company in the long run.
Taking into account the flexibility of granting stock options, the international venture capital fund “Index Ventures” has currently ranked Latvia at the top of the list of the most business-friendly countries in the world, the company informs. This has been achieved on the basis of the amendments to the Commercial Law and the Law “On Personal Income Tax” introduced at the beginning of this year, which now allow limited liability companies to grant options or purchase rights to the company’s capital shares to their employees. As the experience of other countries shows, a wider distribution of capital is healthy for the development of society and the improvement of the country’s overall economic situation. In addition, it is also a powerful tool for attracting talented employees to fast-growing and competitive companies.
“The new stock option regulation is a particularly important development step for start-ups, as it is only nine months after its adoption that the first results can be seen in practice. Thanks to the adopted amendments, we were able to shares have already reached the value of one million, “comments Jānis Berdigans, founder and CEO of Printify. He adds that this is an opportunity to share the company’s success story, further motivating employees and stimulating the start-up of future start-ups.
“I have been with the Printify team for almost four years, starting as one of 30 employees. I have always considered the company and its success an essential part of my life. Options definitely reinforce this sense of belonging – I see them as an additional bonus for the effort and achievements so far In the future, by realizing my option capital, I want to invest it in new, emerging start – ups, which would be helped by both angel co – financing and my experience in mentoring the management team, “adds Lauris Grāvelis, Head of Product and Delivery at Printify.
Investors have included a number of world-renowned companies, as well as angel investors in the technology and entertainment industries, who see the growing potential of the print-on-demand industry represented by Printify. The funds raised as a result of the investment round lasting several months will also be used for further development of the company and expansion of the team.
Printify is a platform that handles on-demand printing and shipping to buyers without the direct involvement of the seller. The new company was established in 2015 by Jānis Berdigans, Artis Kehris and Gatis Dukurs. Currently, the Printify team consists of more than 500 employees, most of whom work at the company’s headquarters in Riga.
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