HP Indigo customer wraps up ‘shark’ investment deal for customized digital printing solutions
Wednesday, December 14, 2016
Press release from the issuing company
DigiWrap’s personalized tissue paper and packaging helps put a unique touch to the art of gift wrapping
DigiWrap, a provider of customized digital printing services, wrapped up an investment deal on ABC’s Shark Tank Friday for its unique products printed on the HP Indigo 5600 Digital Press.
The Chicago-based DigiWrap agreed to an offer of $150,000 on the broadcast in exchange for 20% equity in the company.
Boskovic, 40, and his co-founder, Charlie Williams, 29, set up DigiWrap in 2014 as a digital spinoff from a 25-year-old family print business that was struggling in the face of competition. In 2016, annual sales are already expected to reach $500,000, Williams said.
DigiWrap produces its products on the HP Indigo 5600 Digital Press, using a special process developed and patented for printing on tissue wrapping.
It was a tough sell to the shark investors, who were each initially presented a gift bag personalized with their image and tissue with their name. “DigiWrap is about making gift packaging personal,” Williams explained in the Shark Tank pitch.
Williams was challenged to explain the unique value proposition of DigiWrap to accept and deliver orders with no minimum required, making the products viable for a single order for a consumer.
The deal negotiated no the show includes royalties of five cents for each tissue sheet and 10 cents a bag, up to a cap of $450,000. Investments from sharks on the series have propelled many small companies with innovative products to huge commercial success.
“Digiwrap can make any celebrated occasion more personal and meaningful,” says company president Brad Boskovic.
An online company, DigiWrap offers customized tissue paper and gift bags with messages and images for companies that want enhanced branding or individuals seeking a personal experience for weddings, showers, and holidays.
DigiWrap sells customized tissue paper direct to businesses on its site digiwrap.com. It also takes orders for the tissue and bags through the web storefront of Zazzle.com, a personalized products provider that also uses HP Indigo digital presses. Cost per sheet runs at about $2 on orders of 10 sheets. DigiWrap works directly with big brands.
DigiWrap is convinced it has a unique product that will disrupt the gift market. Now operating with only six full-time employees, it needed a capital investment to expand market visibility and reach. Boskovic and Williams pitched the product at a Shark Tank Chicago casting call among 600 businesses in the city.
Brad and Charlie are optimistic about the future of the company’s digitally printed product. “Personalizing an event experience with on-demand printing of highly customized products is gaining popularity. Millennials especially enjoy taking something from their virtual, online environment and turning it into a tactile, memorable experience,” Boskovic added.
Customers can submit artwork, including photos and logos, to the DigiWrap site for printing in high HP Indigo quality. They also make use of HP Indigo ElectroInk’s extended digital color gamut in the printing, including white, fluorescent pink and on-press Pantones.
The HP Indigo 5600 Digital Press is a 13 x 19 inch platform offers advanced digital printing services on an extensive range of media, including canvas, thick synthetics, paperboard and transparent, with the ability to vary every print.
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