38.2 C
Noida
Tuesday, June 18, 2024

Jerusalem-based Lightricks raised $130M for its Facetune App

Crypto

Jerusalem-based Lightricks has confirmed funding of $130 million (Series D), taking its valuation to a handsome $1.8 billion. Leading investors include Goldman Sachs Asset Management, Greycroft, Clal Tech, and Harel Insurance and Finance, along with Insight Partners. Other new investors were Migdal Insurance, Shavit Capital, and Altshuler Shaham.

Lightricks started operations in 2013, building diverse tools for video and photo editing, as used frequently on social media channels by bloggers, including Instagram. The company has 11 applications in its kitty, including Facetune Video, Facetune, Videoleap, and many others. They have got 500 million+ downloads across Apple and Android platforms globally.

Facetune is the flagship photograph enhancement and editing application, winning Best of the Year at Google Play and App of the Year at Apple. Videoleap is popular for TikTok content creation as well. They help brands and companies in various fields, along with individual bloggers and users. They cater to both professionals and amateurs in the space. Lightricks has a freemium model, where some features do not cost anything, while some have to be bought.

Co-Founder & CEO at Lightricks, Dr. Zeev Farbman, feels that the company’s business has a vast future opportunity, as it becomes a provider of services for creating content. It wishes to help companies and people interact with target audiences and draw them in larger numbers. It aims at becoming a one-stop solution for all creative tools, resources, and monetization choices in the future. The company will deploy these funds for growth and development, especially the launch of newer tools and platforms for creators.

The company is also looking at new acquisitions in the category, with a view towards scaling up its market share. The business may venture into an IPO in a year’s time as per its management. App-usage in the United States alone went up by 90% for the company. Its global customers create more than one billion pieces/things annually with its applications.

More articles

Latest article