Picsart, a San Francisco, CA-based creative platform, raised $130m in Series C funding.
The round was led by SoftBank Vision Fund 2 with participation from new investors G Squared and Tribe Capital, as well as existing investors Sequoia, DCM, Graph Ventures, and Siguler Guf & Company. In conjunction with the funding, Serena Dayal, Investment Director at SoftBank Investment Advisors, joined Picsart’s Board of Directors.
The company intends to use the funds to expand its AI-driven technology, prosumer tools, explore acquisitions, and to continue building its team.
With over $100 million in annual revenue run rate, Picsart is now valued at over $1 billion. The company has raised a total of $195 million in capital since its founding.
Led by Hovhannes Avoyan, founder and CEO, Picsart is a creative platform whose community, every month, creates, remixes, and shares millions of visual stories using its editing tools. Picsart has amassed a large open-source content collection, including free-to-edit photos, stickers, backgrounds, templates, and more. It is available in 30 languages for free and as a subscription on iOS, Android, and Windows devices.
The company has more than 800 employees in nearly a dozen hubs around the world, including San Francisco, Bangalore, Beijing, Berlin, Los Angeles, Moscow, New York, Tokyo, and Yerevan.