Application developer Lightricks was boosted by a Series D funding round with $ 100 million primary funding and $ 30 million secondary funding. This brings the company’s total cumulative funding to $ 335 million in four rounds, giving them an overall valuation of $ 1.8 billion.
Lightricks was founded eight years ago and the Jerusalem-based company is well known for its popular photo and video editing apps. He gained unicorn status in July 2019 after his Series C raised $ 1 billion, but saw significant growth during the pandemic.
The very first version of Lightricks was Facetune, but the management of the startup was able to refocus your efforts after that initial resounding success and now offers a diverse set of over a dozen apps, including Videoleap, Filtertune and Beatleap.
The Series D cycle was co-led by Insight Partners and Hanaco Venture Capital who worked closely with the company. Several other existing investors such as Goldman Sachs Asset Management, Claltech, Harel Insurance and Finance and Greycroft have returned. Three new investors have also joined us: Migdal Insurance, Altshuler Shaham and Shavit Capital.
In a statement, Insight Partners chief executive Thilo Semmelbauer praised the company. âWe’re excited to continue to team up with Lightricks to help further professionalize the world of content creation,â he said. âWe look forward to Lightricks building the future of this industry by continuing to provide creators with the highest quality and most valued tools and technology. Lightricks allows people to show off their individuality and brand on social media, whether it’s for self-expression or for monetization.
With its suite of visual creativity apps, including Facetune and Videoleap, Lightricks has already made a huge impact on the world of digital creators. The mobile product line has 29 million active monthly users, who collectively export some 78 million visual assets per month, according to the latest data from Lightricks.
What may excite investors the most is Lightricks’ success with in-app purchases, successfully converting âfreemiumâ users to paid subscriptions. In the past 12 months alone, the company’s application portfolio has grown 42% in installs and 24% in paid subscriptions.
The pandemic has accelerated the trends that make Lightricks ever more relevant because more and more people are taking content creation seriously both a hobby and a profession. These are the people who make up Lightrick’s main market. Now the company will be able to invest more in improving its own products, but has signaled its intention to use acquisitions to further strengthen its offering.
âOur mission has always been to continuously strive to bring the most advanced technology to creators and help them find new ways of expressing themselves. “ 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 continuous advancements in our technology and our offering.
Although the company is based in Jerusalem, it also has offices in London, Shenzhen and Haifa. After recruiting 170 employees last year, they currently have a total of 460 people. The goal is to increase this number to 1,000 people by the end of 2023, thereby creating jobs in the creative technology sector.
Plans to expand operations in the United States are also in the works, with activity to focus on collaborative content efforts with content creators. In addition, a series of merger and acquisition targets, to be identified, can further increase the geographic distribution.
The projected workforce growth is substantial but in line with Lightricks’ goal of increasing revenue by $ 200 million in 2021 (so far) by 40% by the same time next year. Their growth so far indicates that this is in the realm of plausibility, making Lightricks a beacon among Israel’s burgeoning tech industry.