- Mobile app development company Lightricks recently announced it raised $135 million in Series C funding at a $1 billion valuation
Lightricks — a mobile app development company founded by Nir Pochter, Itai Tsiddon, Yaron Inger, Zeev Farbman, and Amit Goldstein — announced it raised $135 million in Series C funding at a $1 billion valuation led by Goldman Sachs Private Capital Investing with participation from additional investors including Insight Partners and ClalTech. And the latest financing round brings Lightricks’ total funding to $205 million to date.
Lightricks has created a number of popular and award-winning photo and video editing apps that are used by millions of consumers and businesses worldwide. And LightRicks has expanded rapidly, tripling revenues every year over the past three years.
This round of funding will be used for accelerating the development of more powerful and cutting-edge AI-enhanced content creation tools by making strategic acquisitions and expanding the company’s offices around the world.
Including this round of funding, Lightricks has raised $205 million in funding to date. And Lightricks is aiming to significantly grow its current team of 250 across Israel, the UK, and the company is opening a third office in Germany.
“We’re excited to reach this milestone, but we’re just getting started on our mission to create fun and powerful tools that reimagine the way content is created all over the world,” said Farbman. “As we accelerate our expansion, the additional funding will cement our position as the leader in mass-market content creation, which is proving to be a multi-billion dollar industry.”
Lightricks’ seven apps have been downloaded more than 180 million times worldwide and the company has nearly three million paying subscribers. Ever since Lightricks moved to a subscription-based model three years ago, the company’s revenues tripled year-over-year. The company’s revenue is expected to surpass $100 million this year, according to VentureBeat. And the company’s apps have won awards including Best of Google Play, three Apple’s App of the Year awards, and the Apple Design Award.
“We have been very impressed with Lightricks’ exceptional growth trajectory, outstanding technology, and talented management team. Lightricks is a great fit within our strategy of supporting best-in-class technology entrepreneurs in their ambition to build global category leaders in large markets,” added Goldman Sachs Private Capital Investing managing director Christian Resch.
Kirk Lepke — a VP at Goldman Sachs Private Capital Investing — is joining the Lightricks board of directors in conjunction with the funding round.
“We are firm believers in Lightricks’ vision to bring content creation to everyone. Since last year, the company has tripled revenues, released several new innovative products, and opened a third international office. We believe that Lightricks is solidifying its standing as the category-defining, clear market leader,” explained Insight Partners board member Harley Miller.
Lightricks’ flagship product is the Facetune app. And the company’s other popular apps include the Enlight creative apps Photofox, Videoleap, Quickshot, Pixaloop, and Swish.
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