The funding helps Picsart attain unicorn status at a valuation of $1B. Here are the top-line bullets you need to know.
Picsart, an image and video editing tools developer, has raised $130M in a Series C. The round drew participation from SoftBank Group, Sequoia Capital, and DCM Ventures, among others.
How’s the company performing?
- San Francisco-based Picsart develops artificial intelligence (AI)- and Java-based tools for editing images and videos on mobile and desktop devices.
- Picsart has more than 800 employees across its offices in New York, Moscow, Berlin, Bangalore, Yerevan, and Tokyo. It plans to recruit up to 100 additional employees for its operations in India.
- The company has more than 150M monthly active users across 180 countries who use the platform to make over 1B edits per month.
- Reportedly, Picsart has surpassed its goal of achieving an ARR of $100M this year.
Source: Picsart
Why does the market matter?
- The photo editing software market is expected to grow at a CAGR of 8% between 2021 and 2026, increasing by $253M, according to Expert Market Research.
- The rising adoption of augmented reality (AR) in photo editing software is contributing to the industry’s growth.
