Israeli app start-up Lightricks raises $135m., valued at $1bn.
"As we accelerate our expansion, the additional funding will cement our position as the leader in mass-market content creation, which is proving to be a multi-billion dollar industry."
By EYTAN HALON(From Left) Lightricks co-founders Itai Tsiddon, Yaron Inger, Zeev Farbman, Amit Goldstein and Nir Pochter(photo credit: Courtesy)
Jerusalem-based content creation software start-up Lightricks has raised $135 million in additional funding, the company announced on Wednesday, valuing the company at $1 billion.The Series C round led by Goldman Sachs Private Capital Investing, with the participation of investors including Insight Partners and ClalTech, brings the Hebrew University of Jerusalem-based company’s total funding to $205m. to date.Lightricks, which has tripled its revenue in three consecutive years, is behind several popular photo and video editing applications, including Facetune, Enlight and its latest product, Swish. The company’s apps boast over 180 million downloads and nearly three million paying subscribers.“We’re excited to reach this milestone, but we’re just getting started on our mission to create fun and powerful tools that reimagine the way content is created all over the world,” said Lightricks co-founder and CEO Zeev Farbman.“As we accelerate our expansion, the additional funding will cement our position as the leader in mass-market content creation, which is proving to be a multi-billion dollar industry.”The investment, the company says, will be used to accelerate the development of additional content creation tools by making strategic acquisitions and expanding the company’s global presence.Lightricks aims to grow its 250-strong workforce in Israel and the United Kingdom, and also intends to open an office in Germany.“We have been very impressed with Lightricks’ exceptional growth trajectory, outstanding technology and talented management team,” said Christian Resch, managing director of Goldman Sachs Private Capital Investing.“Lightricks is a great fit within our strategy of supporting best-in-class technology entrepreneurs in their ambition to build global category leaders in large markets.”Goldman Sachs Private Capital Investing vice president Kirk Lepke will join the Lightricks board of directors, the company said.
Based on its latest funding round, Lightricks joins the small but expanding club of Israeli “unicorns,” referring to start-ups reaching or exceeding a $1b. market value.On Tuesday, Tel Aviv-based work management platform monday.com announced that it had raised $150m. in a Series D round of funding, valuing the company at approximately $1.9b.
