American image and video hosting website Photobucket raises 3.6 million dollars in funding. As confirmed by the company, the additional capital is part of a larger, still-in-progress round of fundraising, which sees the photo sharing service seeking around $8.1 million in new funding.The company’s prior investors such as Voyager Capital (Bill McAleer, Tom Huseby), Oak Investment Partners (Ren Riley), Covera Ventures (Steve Coffey), as well as Erik Moreno and David Bagshaw are listed on the filing, however, the company refuses to confirm who participated in what amounts. Photobucket raised 5.7 million dollars last may and with the additional fundings received within a year, hopes of reviving the site’s glorious days are evident.
As per a TechCrunch report, photobucket aims to increase its employee headcount which stands at 60 employees. Further Photobucket would work on increasing its revenue through its photo printing service ‘Printshop’ which as of now brings around 10% of orders from cell phones.
Based in Denver, Photobucket was started in 2003, and was bought by Fox interactive media in 2007, where it was paired with social networking site Myspace. However, both the websites’ popularity dipped and photobucket became independent in 2009. The site touched 100 million users in 2013 and has uploaded over 17 billion pictures online, but the user growth has been stagnant since past few years. In 2011 Photobucket also entered in a photo sharing partnership with Twitter.