Mimeo Secures $6.5 Million in New Funding, Includes Hewlett-Packard
Press release from the issuing company
June 27, 2002 -- (WhatTheyThink.com) -- Mimeo, a Internet-based print provider based in New York, has secured $6.5 million in new funding from current investors including Hewlett-Packard. Since inception, the company has raised over $40 million.
Mimeo provides outsourced printing solutions for corporations. The company’s main technology is called ExactPrint software which print buyers use to automate their document production. Mimeo has a large print facility in Memphis and tight relations with FedEx. The company claims the relationship allows users to have finished documents delivered anywhere in North America within 24 hours.
The company has been relatively quiet since last summer when it named John Lyons as CEO. Lyons spent 16 years with IBM and also held senior management positions at Entex. Sources told WhatTheyThink.com that this would be the final round of funding needed and the money would be used to expand their sales and marketing efforts. The company’s revenue is “way up year over year” because of strong demand for their software combined with their print and delivery system.
Besides the HP connection, the company also has a relationship with Cisco and EFI. Mimeo has been heavily involved in the effort to promote Internet printing despite dropping the dot com portion of their name early last year. NowDocs, previously the company’s most widely known competitor, disbanded their printing operations to focus on the software offering only.
In September 2001, Jeff Stewart founder and now Chief Strategist at Mimeo said their model combining software and print production would not change. "We give away the software, and we charge for the printing and binding - it is a solid business model. Because of the economies of scale associated with our automated centralized production process, we are able to offer the service at 15% to 40% less than the cost of a local copy shop or internal copy center.”
It was unclear at press time how much HP contributed to this round of funding and if there was additional support offered to Mimeo in terms of access to HP customers. Sources said additional information would be available soon.
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