The transaction is valued at $41 million in cash.
“TeePublic and Redbubble together are well-positioned to take advantage of the significant market opportunity that lies ahead of us and create the world’s largest marketplace for independent artists,” says Barry Newstead, chief executive officer, Redbubble. “As we’ve seen in both our businesses, the potential for personalized content to be disruptive in mainstream consumer retail globally–in particular in the apparel and home sectors¬–is huge, and we are excited to pave the path forward together. The opportunity to serve our artists and customers alongside TeePublic to generate even more momentum in our combined businesses is compelling. We are excited to support Adam, Josh and the rest of the TeePublic team as we move towards the future of retail commerce while continuing to empower independent artists.”
TeePublic was founded by Adam Schwartz and Josh Abramson in 2013 and offered an online platform for artists to sell unique pieces including apparel and accessories and has a presence across 75 countries. Following the deal, Schwartz will become the chief operating officer of TeePublic.
Through the acquisition, Redbubble will look to:
- Develop a provide an extended end-to-end experience for shoppers to access artist-created goods
- Leverage on-demand tech to offer more personalization options with faster turnaround
- Leverage a combined worldwide shopping network -Further financial growth initiatives