Palo Alto – September 3, 2021 – Cooley advised SoftBank Vision Fund 2 on its lead investment in Picsart’s $130 million Series C financing round, which brings the creative platform’s valuation to more than $1 billion. Lawyers Alex Kassai, Mary Wilbourn and Lukhan Baloch led the Cooley team advising SoftBank Vision Fund 2.
New investors G Squared and Tribe Capital participated in the round, alongside existing investors Sequoia, DCM, Graph Ventures and Siguler Guff & Company. Picsart will use the new capital to expand its AI-driven technology and “prosumer” tools, explore acquisitions and continue building its world-class team.
“We believe content will continue to be central to the digital economy,” Serena Dayal, investment director at SoftBank Investment Advisers, said in a news release. “We expect growth in this space will continue as millennials and Gen Z create ecommerce shops, market businesses and build followings across platforms. As a leading visual content creation and editing platform serving the most engaged global creative community, we believe Picsart is well positioned to lead this growth.”
Picsart is the world’s #1 creative platform and was among the top 20 most downloaded apps for 2020. Every month, its community creates, remixes and shares millions of visual stories via the company’s powerful and easy-to-use editing tools. Picsart has amassed one of the largest open-source content collections in the world, including free-to-edit photos, stickers, backgrounds, templates and more.
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