Mobile-first and easy to use, Picsart has developed AI and Java-based tools to let anyone edit and enhance photos and videos as easily as adding an Instagram filter. As social platforms and smartphones turn everyone into a publisher, hundreds of millions now rely on Picsart to be their design department.
Picsart has hitched itself to the two most influential trends in tech–social media and digital commerce. “And they both were a phenomenon around the world before they got popular in the U.S.” It’s a global asset and universal platform used by people everywhere,” says Mike Vernal, a partner at Sequoia and former Facebook VP of Product and Engineering. “Picsart has a lot of similarities to WhatsApp.
Avoyan won’t reveal his stake, but remains the company’s largest shareholder. Sources close to the deal say the post-money valuation is roughly $1.5 billion. Today, Avoyan announced his 800-person start-up has raised a $130 million Series C led by Softbank with Sequoia, G Squared, Tribe Capital, Graph Ventures, and Siguler Guff & Company joining in.
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