Thursday, June 4, 2015
PicsArt Mobile Creative Image Community Raises $15M Led By Insight Venture Partners and Sequoia Capital
PicsArt mobile creative image community today announced $15M in new funding from Insight Venture Partners and Sequoia Capital. The new round follows a previous investment of $10M from Sequoia earlier this year. The new funding will enable the company to expand globally and develop new tools for users.
PicsArt mobile creative image community is for amateur and professional photographers, designers, artists and anyone who wants to use PicsArt’s extensive image creation and editing tools to beautify their world. PicsArt’s further enabled community collaboration with its latest feature update. Now #freetoedit images from PicsArt mobile creative image community can be shared on Facebook, inviting a new community to use PicsArt’s desktop-grade tools to edit their images.
Users can also share their creative process with others through automatically generated timelapse videos. Hit a button when you start working on an image and when you are done, share a video showcasing your technique so other users can learn from you. These are just the latest tools empowering PicsArt’s community of more than 65 million monthly active users that co-creates more than 250 million images per month.
“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.”
“PicsArt’s rapid growth is a true testament to its unique creative platform,” said Jeff Horing, managing director at Insight Venture Partners. “We are pleased to partner with the PicsArt team as they continue to set themselves apart by solidifying a community of collaboration.”
Anyone with a smartphone can download the PicsArt Mobile Creative Image Community app from the App Store, Google Play, Amazon or Windows. To learn more, go to www.PicsArt.com.
PicsArt Mobile Creative Image Community is the largest mobile community of creatives and creative images. The company’s U.S. office is based in San Francisco, California with a focus on enabling anyone to be creative, share, socialize, discover, learn and be inspired. The app has been installed over 230 million times and continues to expand and improve, so anyone can unleash their creativity and discover their inner artist.
About Insight Venture Partners
Insight Venture Partners is a global private equity and venture capital firm founded in 1995. They also invested heavily in Bellevue-based SmartSheet. They have raised more than $10 billion and invested in more than 200+ growth-stage software, internet, and data-services companies. Our Investment Team meets with thousands of companies each year, selecting a handful to invest in, supporting them with market insights and exposure to potential acquisitions and acquirers. Our Insight Onsite team provides hands-on resources and collaborative expertise to help companies scale.
About Sequoia Capital
The Sequoia team helps a small number of daring founders build legendary companies. We spur them to push the boundaries of what’s possible. In partnering with Sequoia, companies benefit from our unmatched community and the lessons we’ve learned over 40 years working with Steve Jobs, Larry Ellison, John Morgridge, Jerry Yang, Elon Musk, Larry Page, Jan Koum, Brian Chesky, Drew Houston, Adi Tatarko and Jack Dorsey, among many others. In aggregate, Sequoia-backed companies account for more than 20% of NASDAQ’s total value. We’re proud that their success also fuels great causes: since 2000 alone we have returned more than $10 billion to non-profits like the Ford Foundation, Mayo Clinic and MIT.