Fast-growing photo/imaging app/community Picsart has joined the unicorn club, with a $1.5 billion valuation based on a $130 million Series C investment led by Softbank, according to Forbes. Founder Hovhannes Avoyan told the publication the 800-person, decade-old start-up has raised a $130 million Series C led by Softbank with Sequoia, GSquared, Tribe Capital, Graph Ventures, and Siguler Guff & Co.
In a blog post, Avoyan wrote:
This is another landmark moment in the evolution of Picsart, as the investment will enable us to build and innovate even faster, breaking down the barriers between imagination and creation. It takes a village to build the best tools and technology to power your creativity, and this investment and the partners it brings ensures we can do just that.
Today’s creators need easy to use, affordable, and accessible tools when inspiration strikes. That’s why we’re investing in our technology, our AI, and in our global team, hiring the best and brightest talent to help support our goals. We’re no longer just an illustration app. As our community’s needs have grown, so too have we, responding and evolving to become an all-in-one creative platform.