VCG Hong Kong, a subsidiary of image licensing service Visual China Group, acquired one of its portfolio companies, Canada-based, photography-focused social community 500px, on Monday.
VCG paid $17m for 500px, which has raised approximately $22m in funding, according to JRJ.com.
Founded in 2009, 500px has built an online community with 13 million users where photographers can share and license their images. VCG has distributed content on behalf of 500px since 2015, and the companies jointly launched a Chinese platform called 500px.me the same year.
Amy Jun Liang, VCG’s CEO, said: “We are excited that 500px, a world-renowned photography community, will become part of the VCG family. This is the next important move in VCG’s globalisation strategy, following the acquisition of (image provider) Corbis in 2016.
Through the acquisition of 500px, VCG will be able to expand its role in the global content ecosystem. By combining resources in content creation, distribution channels, product and technology across the two parties, VCG will be even better equipped to produce and distribute professionally-generated content to meet customers’ needs.”
The company secured $8.8m in a 2013 series A round co-led by Andreessen Horowitz and Harrison Metal that included talent agency CAA, Rugged Ventures, FF Venture Capital and angel investor Dustin Plett.
VCG led 500px’s $13m series B round two years later, investing together with Andreessen Horowitz, FF Venture Capital and Harrison Metal.