PicMonkey, a Seattle, WA-based online photo editing and graphic design service, raised $41m in funding.
Spectrum Equity made the investment. In conjunction with the transaction, Pete Jensen and Ethan Choi of Spectrum Equity will join PicMonkey’s board of directors.
The company intends to use the funds to continue to scale operations.
Led by Jonathan Sposato, co-founder and CEO, PicMonkey provides individual consumers, small businesses, non-profits, educational institutions and large enterprises from more than 190 countries with a web-based photo editing website for creatives. PicMonkey.com offers basic editing and advanced effects, with supafly fonts, overlays, and textures for graphics projects and crafts.
The company also has a regional office in New Zealand.