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©
