Lightricks raises $135 million in Series C Funding, raises valuation to $1 billion
Goldman Sachs Private Capital Investing Joins Existing Investors Insight Partners, ClalTech, and Viola Ventures to Propel Lightricks’ New Products, Acquisitions and Global Reach
JERUSALEM, July 31, 2019 /PRNewswire/ — Israeli software company, Lightricks, a leading developer of subscription-based content creation tools, announced today that it has raised $135 million in Series C funding at a $1 billion valuation in a round led by Goldman Sachs Private Capital Investing with participation from additional investors including Insight Partners and ClalTech. The latest financing brings Lightricks’ total funding to $205 million to date.
Lightricks is the creator of several popular, award-winning photo and video editing apps, used by millions of consumers and businesses worldwide. Lightricks has expanded rapidly, tripling revenues each year over the past three years.
The investment will be used to accelerate development of more powerful, cutting-edge AI-enhanced content creation tools, by making strategic acquisitions and expanding the company’s offices around the world. Lightricks aims to significantly grow its current team of 250 across Israel, the United Kingdom and opening a third office in Germany.
“We’re excited to reach this milestone, but we’re just getting started on our mission to create fun and powerful tools that reimagine the way content is created all over the world,” said Zeev Farbman, Lightricks co-founder and CEO. “As we accelerate our expansion, the additional funding will cement our position as the leader in mass-market content creation, which is proving to be a multi-billion dollar industry.”
Lightricks was one of the first app developers to pioneer the subscription model on the App Store, demonstrating that consumers will pay for and subscribe to apps when significant value is offered. Lightricks’ seven apps have over 180 million downloads worldwide and nearly three million paying subscribers. The company’s apps have won awards including Best of Google Play, three Apple’s App of the Year awards and the prestigious Apple Design Award.
Christian Resch, Managing Director, Goldman Sachs Private Capital Investing, commented: “We have been very impressed with Lightricks’ exceptional growth trajectory, outstanding technology and talented management team. Lightricks is a great fit within our strategy of supporting best-in-class technology entrepreneurs in their ambition to build global category leaders in large markets.”
Kirk Lepke, Vice President at Goldman Sachs Private Capital Investing will join the Lightricks board of directors.
Harley Miller, board member from Insight Partners, said, “We are firm believers in Lightricks’ vision to bring content creation to everyone. Since last year, the company has tripled revenues, released several new innovative products, and opened a third international office. We believe that Lightricks is solidifying its standing as the category-defining, clear market leader.”
About Lightricks
Lightricks is the creator of several popular, award-winning photo and video editing apps. Since Lightricks hit the ground running with its flagship product Facetune, the company has built an arsenal of powerful content creation apps used by millions worldwide. Products also include the Enlight creative apps Photofox, Videoleap, Quickshot, Pixaloop; and its newest product, Swish.
Since moving to a subscription-based model three years ago, Lightricks’ revenues have tripled year after year. The company’s seven apps have over 180 million downloads worldwide and nearly three million paying subscribers, and have won prestigious awards including Best of Google Play, three Apple’s App of the Year awards and the prestigious Apple Design Award. Since Lightricks’ $60 million funding round in November 2018, the company has grown rapidly, expanding its offices in Lightricks’ Israeli headquarters, as well as internationally with an office in London.
Lightricks is on a mission to democratize creativity, a field previously limited to experts with expensive software. Whether you’re sharing photos with friends on social media, or an artist passionate about creating digital art, or a business owner looking to tell your story online, Lightricks has a fun & powerful app just for you. For more information, visit www.lightricks.com.
About Goldman Sachs Private Capital Investing
Goldman Sachs Private Capital Investing (“PCI”) is Goldman Sachs’ investment platform dedicated to providing long-term capital to growth and middle-market companies throughout Europe and Israel. PCI Invests $20 to $200 millionper transaction in the form of common, preferred and structured equity.