Lightricks, the company that introduced the popular photo editing apps Facetune and Enlight, has secured $135 million in its Series C funding, which raises the company’s valuation to $1 billion. The investment was led by the renowned capital firm Goldman Sachs and witnessed participation from Insight Partners and Caltech.
As part of the deal, Kirk Lepke from Goldman Sachs will gain a seat on the board of directors of the company. The latest round of funding increases the tally to $205 million to date. The company has stated that the funding would be used to accelerate the development of AI-based tools, acquire strategic companies, and set up a third office in Germany.
Based in Jerusalem, the startup was co-founded by 5 Ph.D. students and currently has 6 products in its portfolio. The company develops photo and video editing tools that are focused on amateurs. Facetune and Enlight are considered to be the crowning jewels of the company, each having roughly around 1 million subscribers.
The startup’s latest product, Swish, focuses on enterprises allowing them to tell their stories through video ads. The app has already witnessed 1 million subscriptions and is still increasing. Zeev Farbman, Co-Founder, and CEO of Lightricks stated that the company had witnessed 180 million downloads across its paid apps.
The company offers both free and paid versions in all its apps. With paid subscriptions, the user can access the full potential of the app. The Facetune app allows users to purchase individual features that they want to use. Facetune was crowned as Apple’s most popular paid app of 2017.
Enlight secured the eleventh position in the list of best selling paid ios apps in 2016 and also received the Apple Design Award in 2017.
Even though the market is saturated with photo editing apps, it has not seemed to stop the startups from coming up with their innovative and unique products in an attempt to set themselves apart from the rest. The latest funding will help Lightricks to stay ahead of the curve and continue doing the work, they do the best.
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