Israeli app developer Lightricks secures $ 130 million at a valuation of $ 1.8 billion
Jerusalem-based photo and video editing app developer Lightricks said on Sunday it has secured $ 130 million in Series D fundraising, including $ 100 million in primary funding and $ 30 million in secondary funding, the company said in a statement.
The amount raised brings Lightricks’ total funding to $ 335 million, giving the company a valuation of around $ 1.8 billion.
The round was co-led by global private equity and venture capital firm Insight Partners and New York-based Hanaco Venture Capital, with participation from existing investors Goldman Sachs Asset Management, Clal Tech, Harel Insurance and Finance and Greycroft, and new investors Migdal Insurance. , Altshuler Shaham and Shavit Capital.
Founded in 2013, Lightricks was one of the first application developers to launch the subscription model on the App Store, demonstrating that consumers will pay for and subscribe to apps when meaningful value is delivered.
The company said the investment would be used to expand its suite of tools – which already includes Facetune2, Facetune Video, and Videoleap – and deliver more features and services to creators, as the creator economy continues to thrive.
The new funds will support growth through future mergers and acquisitions and will be used to create new tools, solidifying Lightricks as the go-to platform to elevate creators in the designer economy, the company said.
This round follows the company’s Series C round of 2019, where it raised $ 135 million for a valuation of $ 1 billion.
Lightricks plans to add to its already extensive offering with the goal of becoming a one-stop shop for resources, including creative tools, services and monetization opportunities.
âOur mission has always been to continuously strive to bring the most advanced technology to creators and help them find new ways to express themselves,â said Zeev Farbman, co-founder and CEO of Lightricks. âThe boom in the creator economy has only exacerbated the need for mobile users to streamline content creation and monetization processes. With this latest funding, we are able to help elevate the creativity and capabilities of our users through continued advancements in our technology and our offering.
As lockdowns across the world have affected businesses in various areas, Lightricks has seen a 90% increase in app usage in its creativity tools in the United States alone. Videoleap, its most popular video editing app for professional creators, has seen a 70% increase since the closures began.
A recent survey found that almost half of Videoleap users export their creations to the popular TikTok app in search of monetized content.
âThe designer economy has changed the way we as a society experience social media. The public is constantly consuming information through the various content channels on a daily basis. The Lightricks platform gives creators a larger, more professional and better set of tools to optimize content, âsaid Pasha Romanovski, co-founding partner of Hanaco Ventures. âAt a time when we see content creators monetizing social media content to new levels, it is clear that Lightricks’ platform has the ability to create a one-stop shop that will be meaningful to its users,â he said. he concluded.