Telecommunications and internet group SoftBank’s Vision Fund II led a $130m series C round yesterday for Picsart, the US-based developer of an online photo and video editing platform.
The round also featured G Squared, Tribe Capital, Sequoia Capital, DCM, Graph Ventures and Siguler Guff & Company, and valued the company in excess of $1bn.
Founded in 2012, Picsart has developed a suite of creative software to edit photo and video content, and boasts 150 million monthly active users across 180 countries.
Picsart will use the money to develop its artificial intelligence-based technology, grow its team and look at potential acquisitions. It said it has now raised $195m to date and has an annual revenue run rate of over $100m.
The company picked up $20m from DCM and Siguler Guff & Company in a 2016 series B round. It closed its $15m series A in 2015 with participation from Insight Partners and Sequoia Capital.
Hovhannes Avoyan, chief executive and founder of Picsart said: “Picsart is powering visual culture and breaking barriers between inspiration and creativity.
“We want to make the world more creative and have users in every country of the world designing, remixing, editing and sharing on Picsart and beyond. This additional capital, led by powerful partners, will enable us to further strengthen our position as the backbone of the creative generation.”
