15.1 C
New York
Tuesday, May 21, 2024

The photo editing app is raising $50 million to $60 million.

TechnologyThe photo editing app is raising $50 million to $60 million.

Some of the biggest hits in the world of mobile have been apps that let users take, manipulate and share images. PhotoRoom is a startup out of Paris, France, that has built a popular image editing app and platform targeting e-commerce vendors, media specialists, and others. The startup is raising between $50 million and $60 million on a pre-money valuation of between $500 million and $600 million according to multiple sources. It is unclear who the full investor list is. One source said that Balderton was leading this round too. In addition to Balderton, there are many other backers such as Adjacent, Kima Venture, FJ Labs, Meta, Y Combinator and execs from Hugging Face and Disney+. If this round closes at these numbers, PhotoRoom will have raised over 70 million dollars. Balderton did not respond to requests for comment. Hugging Face, which got its start out of Paris, is one of a number of smaller startups that Meta has a large lab for. The camera has become more important than basic phone features over the years. PhotoRoom is a B2B tool that stands out for its primary positioning. Early on, PhotoRoom gained traction with a long tail of small businesses, e-Commerce vendors and resellers looking for photo editing software that was fast, easy to use and cost-effective, but still produced high quality results on individual images or batches of them. Customers use those images in online sales listings on platforms like Depop, eBay and Poshmark. Warner Bros created a social marketing campaign for the Barbie movie in which fans were able to crop their own images and put them into their own personalized Barbie posters. It has built up credibility among its peers in the tech community, as it has used its tools for a wider set of use cases. PhotoRoom has been building its platform based on its own vision models, trained on its own data, one way of making sure to have better control over those images and avoid copyright issues down the line The company uses tools like Dust and GPT-4 to build new features. The company added an enhanced shadow feature to its platform last week. The B2B focus of PhotoRoom has helped it anchor its growth around a revenue-generating business model. There are different pricing tiers that vary by country for the product that has a freemium tier. PhotoRoom has been blowing up since its last round when it raised $19 million. Data.ai figures show that its app is currently number three among all graphics and design apps in the U.S., and it has been in the top 10 for the last three months. It's the number-one photography app in the U.S. and it has 27 million monthly web visitors. The company said in December that it had reached more than 100 million downloads of its apps and was on track for ARR of $50 million. There is a lot of buzz about the next big hit among investors. In September last year on the heels of the surge of interest in generative artificial intelligence, a research was published by a consumer partner. PhotoRoom was ranked as the sixth most popular generative artificial intelligence product. She wrote that most categories of apps are still up for grabs, and that in her opinion, PhotoRoom has a shot at success. Moore wrote that products that are purpose-built for specific use cases are growing alongside more generalist tools and showing signs that they can also become successful companies. A16z is one of the investors in the company, but a16z is not saying if they are one of the investors.

Check out our other content

Check out other categories:

Most Popular Articles