Picsart has raised $130 million in a Series C funding round 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.
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.
“Picsart is powering visual culture and breaking barriers between inspiration and creativity,” says Hovhannes Avoyan, Picsart’s founder and CEO. “We want to make the world more creative and have users in every country of the world designing, remixing, editing, and sharing on Picsart and beyond. This additional capital, led by powerful partners, will enable us to further strengthen our position as the backbone of the creative generation.”
The company intends to use the funds raised from its Series C to expand its AI-driven technology, prosumer tools, explore acquisitions, and continue building its world-class team.
Read more/Source: Private Equity Wire
