Bizay raises €48.7 million Series D

Sérgio Vieira, CEO and co-founder of BIZAY, announced a €48.75 million Series D on 7 July 2026, alongside the company's first profitable year and annual revenue set to surpass €88.6 million.

The round was led by Indico Capital Partners, an existing investor since the 2020 Series C, with participation from Lince Capital, Cedrus, and BPF. Prior rounds had brought total pre-Series D funding to approximately €72 million.

BIZAY is a mass-customisation platform that lets SMEs order branded and promotional products, business cards, flyers, apparel, and packaging, across an online catalogue of more than 50,000 SKUs. It competes against Cimpress (parent of Vistaprint), Gelato, MOO, and Printify, but operates proprietary batching software that the company says cuts production costs by 80%, enabling it to claim the world's largest customised-product catalogue at prices rivals using standard print workflows cannot easily match.

"We publicly stated that we were going to reach €100 million. We are delivering on that promise, and, for the first time, with a profit." — Sérgio Vieira, CEO and co-founder.

That profitability timing matters. This is not a survival round. BIZAY arrives at the Series D with a self-sustaining cost structure, which shifts how the fresh capital can be deployed.

Vieira has identified three vectors for the new capital. The first is accelerating BIZAY's US operation, which the company describes as the world's largest market for customised products. The second is a build-up acquisition strategy targeting a global customisation market the company estimates at approximately €787 billion. The third is developing AI infrastructure covering catalogues, production, and customer service, deepening the platform's cost and speed advantage.

The geographic base matters to all three. BIZAY's Lisbon headquarters places its cost structure well below US peers at the moment it targets American market share. Founded in 2013 by Vieira, José Salgado, and Jorge Correia, the first Endeavor Entrepreneurs from Portugal, the company currently operates across 18 markets including Germany, France, the United Kingdom, and the United States.

Stephan de Moraes, Managing General Partner at Indico Capital Partners, framed the round as a strategic inflection.

"Over the years, Bizay has evolved from an agile e-commerce model into a true mass-customisation technology infrastructure serving hundreds of thousands of clients internationally." — Stephan de Moraes, Managing General Partner, Indico Capital Partners.

The broader market context reinforces the consolidation logic. The global print-on-demand sector was valued at $10.21 billion in 2024 and is projected to reach $102.99 billion by 2034, growing at approximately 26% annually. European peers have followed comparable playbooks: Gelato raised $240 million in a 2021 Series D to accelerate international expansion, and Packhelp secured $40 million in early 2025 for AI-powered packaging customisation.

BIZAY enters that consolidation race from a position no prior Iberian web-to-print platform has occupied, with the balance sheet, the profitability proof, and the catalogue scale to acquire rather than be acquired.