PicsArt scores $15m from Sequoia and Insight Venture Partners

By MoneyTimes

Jun 08, 2015 06:11 AM EDT

Photo-sharing app, PicsArt Photo Studio (PicsArt), which lets its 65 million plus active users creatively edit photos into works of art, has raised $15 million in new funding led by leading global private equity and venture capital firms, Insight Venture Partners and Sequoia Capital.

PicsArt Photo Studio (PicsArt) has already raised $10 million from Sequoia Capital earlier this year.

According to iamwire, the San Francisco-based company is looking to expand globally and develop new tools from the latest round of investment.

CEO and PicsArt founder Hovhannes Avoyan said that with this latest investment, the company will continue to update the photo-editing app, which will in turn improve the app's settings, such as video generation, sharing and the photo-enhancing modes.

TechCrunch reports that to bring money into PicsArt, the company has called investors to take a look at its ability to get users to share and engage, using the app via mobile devices.

After its initial launch on Android, 80% PicsArt users are still using it. Currently, the company is investing in research and development, backend, and product engineering for iOS platform.

With the help of PicsArt, users can directly share their images instantly on Facebook, Instagram, Twitter, Google+, Flickr, Foursquare, WordPress, DeviantArt, Dropbox and more.

PicsArt also lets its users share photos and drawings, interact with other users and join contests.
VentureBeat, in its report said PicsArt's new feature is somewhat similar to Berlin-based EyeEm, where users can record themselves while editing images and the video is made available for other enthusiasts to watch. EyeEm and PicsArt were both founded in 2011.

The PicsArt Photo Studio (PicsArt) app is available for Android, iOS, Windows Phone, and Windows 8.1. Currently, the app is available on App Store, Google Play, Amazon, Windows Phone Store, and the Windows Store.

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