Israel-based content creation app developer Lightricks has secured $130m at a $1.8bn valuation in a series D round backed by insurance providers Harel Insurance and Finance and Migdal Insurance, Times of Israel reported on Sunday.
The round was co-led by private equity and venture capital firm Insight Partners and VC firm Hanaco Venture Capital. It included ClalTech, a regional investment unit for diversified conglomerate Access Industries, as well as Goldman Sachs Asset Management, Greycroft, Altshuler Shaham and Shavit Capital.
Founded in 2013, Lightricks has built a range of mobile-based photo and video editing tools. Its flagship product, Facetune, can retouch photos to remove blemishes or add filters, and it claims its 11 apps have been collectively downloaded more than 500 million times globally.
The company will use the series D funding to expand its existing platforms as well as develop new ones, and will potentially also acquire relevant companies and startups.
Zeev Farbman, co-founder and CEO of Lightricks, told Times of Israel that the company may be ready for an initial public offering in about a year.
Lightricks has raised at least $335m of funding to date. ClalTech took part in a $135m series C round in August 2019 that was led by Goldman Sachs’ Private Capital Investing division and which also featured Insight Partners.
The company pulled in $60m for its 2018 series B round, which was led by Insight Partners and backed by ClalTech. It had received $10m in series A funding from Viola Ventures, then known as Carmel Ventures, in 2015.