Photo editing app, PicsArt that empowers users to transform ordinary pictures into works of art and create inspirational photos, has raised $15 million in series B round of funding. The investment was led by Insight Venture Partners and Sequoia Capital. Earlier this year, the firm had received $10 million in series A funding from sequoia Capital. With this round of funding, the company plans to expand globally and develop new tools for users.
“We want to continuously provide artists with the means to connect and collaborate,” said PicsArt CEO and founder, Hovhannes Avoyan. “With this round of funding, we can continue to do so with app updates that boost collaboration settings, such as video generation, increased sharing and the latest photo-enhancing tricks.”
With over 65 million monthly active users, PicsArt’s image editing and sharing platform featuring a combination of photo editing tools and gallery, that lets anyone to create and collaborate anytime and anywhere. Users can also share their creative process with others through automatically generated time lapse videos as well as allows sharing on Facebook, Twitter, Instagram, Dropbox or via email.
Currently the app is available on App Store, Google Play, Amazon or Windows store. Initially, the app was launched on Android, and 80% of its total users are still using it. However, the company is investing in growth on iOS, with nearly 100 people at the company in research & development, backend, and product engineering roles.Category Investments