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Armenian Picsart company raises $130M from SoftBank

Picsart has announced that it has raised a $130 million round led by SoftBank’s Vision Fund 2. The new capital infusion pushes the company’s valuation north of the $1 billion mark, though it declined to get more specific Tech Crunch reports.

Per PitchBook data, the company’s preceding round of capital, in 2019, valued the company at around $600 million.

Picsart COO Tammy Nam told TechCrunch in an interview this week that her company was now past a $100 million run rate, and that it was worth more than a flat $1.0 billion after the SoftBank round.

Picsart provides both free and paid services. Its paid products include more images for users to work with — watermark removal and the like. The company also offers a teams-focused plan with multi-seat purchase options, though Nam said that because her team had not yet publicized the option to their user base, it’s too early to tell how the product is faring. It’s effectively in beta, she explained.


Read original article here.

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