Picsart is the application for assisting its users in photo and video editing. It is a platform that includes special tools for photo editing, freehand drawing, layout, and text templates. The app can be used by both consumers and professionals.
The new Series C round was led by SoftBank’s Vision Fund 2. Other participants were GSquared and Tribe Capital. Among existing investors, Sequoia Capital, DCM, Graph, and Siguler Guff were marked. In total, this infusion allowed Picsart to achieve the unicorn status.
Picsart was launched in 2011 by Hovhannes Avoyan, an Armenian entrepreneur, with Armenian programmers Artavazd Mehrabyan and Mikayel Vardanyan. The headquarter of the company is in San Francisco, California. As of now, the company has more than 150 million monthly active users in 180 countries. Moreover, Picsart is one of the most downloaded apps on Google Play. Approximately 800 employees in different cities work for the company. The recent investments will be used for acquisitions, hiring, and technology development.