Bangalore: Photo editing and sharing app, PicsArt raises $15 million in new round of funding led by Insight Venture Partners along with Sequoia Capital. The fund will be utilized in updating app that boosts collaboration settings including video generation, increase image sharing and the latest photo-enhancing tricks. The company had also raised $10 million from Sequoia Capital earlier this year.
Incorporated in 2011 by Hovhannes Avoyan and Artavazd Mehrabyan, PicsArt is a network of highly talented, creative people from all over the world which includes professional photographers, designers and artists. The app allows artist to edit their pictures and drawings with mobile editing features and can share, connect and collaborate with other artists to get inspired and discovered. The app also tries to engage members with Photography and Arts Contests, similar to Instagram’s Weekend Hashtag Projects. The contests include drawing challenges (#DC), graphic design projects (#GD), and weekend art projects (#WAP). Since 2012, the app rapidly gained popularity, achieving 35 million installs in its first year.
Seeking out visual artists, the firm aims to be the best sharing and photo editing app in the world. The app has been downloaded over 230 million times with an average of 65 million active users per month. Today, the app is available on App Store, Google Play, Amazon or Windows store.