Portugal-based custom-products platform Bizay has raised a $55m Series D funding round as it targets US growth and acquisitions in the fragmented global market for personalised goods.
The Lisbon-based company claimed it will surpass $100m ARR in 2026 and reach profitability for the first time. It did not disclose 2025 revenue.
The round was led by existing investor Indico Capital Partners, with participation from Portuguese investors Lince Capital, Cedrus and Banco Português de Fomento. In an interview with Pathfounders, co-founder José Salgado declined to disclose its valuation, but said the Series D was an “up round”. He added that “the majority” of the $55m is primary capital going into the company, rather than secondary capital for existing shareholders.
The funding will be used to accelerate Bizay’s US business, invest in AI infrastructure and pursue acquisitions. The US is already Bizay’s largest and fastest-growing market, Salgado said, despite only launching there three years ago.
“There’s huge demand,” he said. “It’s also a market that is lagging behind in terms of online penetration in our industry.”
Founded in 2014 by Sérgio Vieira, José Salgado and Jorge Correia, Bizay operates a platform for customised products across packaging, apparel, drinkware, marketing materials and merchandise. It serves SMEs in more than 50 countries and says it operates the world’s largest catalogue in the category.
Unlike some of its competitors, the company is intentionally asset-light. It does not own factories, machinery or inventory. Instead, it connects demand from small businesses to a network of around 200 product suppliers across Europe and the Americas.
Salgado said Bizay’s core advantage is its supply-chain orchestration technology. The platform batches multiple small customer orders into larger production runs for suppliers. This keeps the setup costs lower for the suppliers and makes small-volume custom orders cheaper to produce.
“We have no inventory, no machines,” said Vieira. “We integrate with a supplier network… where they are the ones doing the production, and then we bring technology to them to make the job more efficient.”
That model also underpins Bizay’s acquisition strategy. Salgado said part of the round will be used to buy platforms with a similar “no factories, no machines, no stock” model, then plug them into Bizay’s supply-chain infrastructure.
“The goal of the round is to invest in growing in the US and to do strategic acquisitions,” he said.
Bizay is positioning itself against more vertically integrated incumbents such as Vistaprint, as well as category-specific rivals in apparel, packaging and print-on-demand. Salgado argues that many rivals are essentially factories that moved online, while Bizay is trying to digitise the wider custom-products supply chain.
“They have their own machines,” he said of some competitors. “What we are doing is really digitising this huge industry.”
The company claims the global custom-products market is worth about $900bn. Its bet is that the next phase of the industry will be won by using software and AI to coordinate existing suppliers.
