SAN FRANCISCO, 1st Oct 2021– Picsart, the world’s largest creative platform has raised $130 million 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. 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,” said 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.”
Avoyan, a successful entrepreneur and engineer by training, launched Picsart in 2012. Since then, Picsart’s team has grown to 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.
With users in 180 countries, Picsart’s base of more than 150 million monthly active users produces more than 1 billion edits each month, making it the largest community for Gen Z creators. Young prosumers from fashion and lifestyle influencers to e-commerce entrepreneurs and musicians increasingly rely on the platform to create an image and video-based content and market their brands.
The company intends to use the funds raised from its Series C to expand its AI-driven technology, prosumer tools, explore acquisitions, and to continue building its world-class team.