Software company Lightricks, the creator of several photo and video editing apps, said on Wednesday it has raised $135 million in financing at a $1 billion valuation.
During its previous fundraising round, in November 2018, the company was valued at only $330 million – meaning that the company has tripled in value over the past eight months alone.
The round was led by Goldman Sachs Private Capital Investing with participation from additional investors including New York-based Insight Partners and Israel’s ClalTech. The latest financing brings Lightricks’ total funding to date to $205 million.
Lightricks’ seven apps have over 180 million downloads and nearly 3 million paying subscribers. It said it has tripled revenue annually over the past three years.
The investment will be used to accelerate development of more artificial intelligence-enhanced tools, by making strategic acquisitions and expanding the company’s offices. Lightricks aims to significantly expand its team of 250 employees to 500, adding workers in Israel and the U.K. and opening a third office in Germany, it said.
Despite the company’s significant income and profitability, it needed to raise money in order to expand, said CEO Zeev Farbman.
As with its previous fundraising rounds, this one, too, was a bonanza for the founders, the employees and other shareholders. Of the money, some $80 million went into the company’s coffers and another $55 million was earmarked for share purchases.
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Article source: https://www.haaretz.com/israel-news/business/yet-another-israeli-unicorn-lightricks-raises-funds-at-1b-valuation-1.7610820