10:12 | 06.02.15 | News | 3547

PicsArt receives USD 10 million funding from Sequoia Capital

Picsart photo-editing mobile app developed by Armenian specialists continues to draw investor attention.

Profitable and with 200 million users, Picsart is building a mobile community for creatives, and today it’s announced it has raised USD 10 million in new funding from Sequoia Capital venture capital firm, Venturebeat writes.

“I got the inspiration from my daughter, she’s creative, she’s an artist,” PicsArt Founder and Chief Executive Hovhannes Avoyan told VentureBeat in an interview. “It would be cool to have an app that lets people like her be creative.”

Hovhannes Avoyan said that PicsArt isn’t a social network. Instead, it’s more like a YouTube for pictures.

Speaking of YouTube, Avoyan said the company will be working on its video-related features in the near future, though photos and images will remain the focus.

The company’s new funding is about partnering with Sequoia Capital and focusing on growth. It will also use the funding to grow its San Francisco office, which is its new headquarters.

Hovhannes Avoyan founded PicsArt in 2011 in California. The number of installs of the app reaches 175 million today and the number of its monthly active users is 45 million.

PicsArt is a photo-editing app which brings together lovers of art. It is considered a mixture of Photoshop and Instagram.