Seattle-based photo editing website PicMonkey has secured $41 million in funding from Spectrum Equity. In addition to the investment, Pete Jensen and Ethan Choi of Spectrum Equity have been named to PicMonkey’s board of directors.
SEATTLE, WA – (July 30, 2015) PicMonkey, the leading web-based photo editing and graphic design service, today announced that it has received a $41 million investment from Spectrum Equity, a leading growth equity firm whose previous investments have included successful online subscription businesses such as Ancestry.com, SurveyMonkey, Prezi and Lynda.com.
PicMonkey has millions of global users and hundreds of thousands of paying subscribers from more than 190 countries. PicMonkey’s passionate user base includes individual consumers, small businesses, non-profits, educational institutions and large enterprises. This community has created and edited more than 1.7 billion images on the platform over the past three years.
With the proliferation of social media, self-publishing and online e-commerce platforms, the number of images being uploaded and edited online is growing at an increasingly rapid pace. Photos alone, according to a 2014 report, have surpassed 1.8 billion uploads per day. As high quality images and design become even more critical throughout all forms of media, communication and commerce, PicMonkey is empowering users to unleash their creativity and make their own high-end, professional looking images.
“PicMonkey has grown from the ground up into a profitable business without a single round of outside funding,” said Jonathan Sposato, co-founder and CEO of PicMonkey. “Spectrum is known for investing in successful, established, SaaS businesses with huge growth potential and then helping to turn them into worldwide brands. That is our path and it’s why we’re excited to work with a partner like Spectrum to help us achieve our goals.”
“It is rare for us to see a user community as passionate and loyal as this one,” said Pete Jensen, managing director of Spectrum Equity. “We think this is only the beginning of what this company can do. We look forward to partnering with PicMonkey through this next phase of growth as they continue to bring world class self-service editing and design tools to even more consumers and businesses.”
In conjunction with the investment, Pete Jensen and Ethan Choi of Spectrum Equity will join PicMonkey’s board of directors.
Founded in 2012, PicMonkey Inc. is a web-based photo editing website dedicated to fulfilling the world’s creative yearnings. PicMonkey.com offers basic editing all the way up to touch-up and advanced effects, with supafly fonts, overlays, and textures for graphics projects and crafts. Most of the site is free; premium effects bolt on as a monthly or annual subscription. The company is headquartered in Seattle, WA, with a regional office in New Zealand. For more information, visit picmonkey.com and blog.picmonkey.com.
About Spectrum Equity
Founded in 1994 with offices in Boston and San Francisco, Spectrum is a leading growth equity firm that provides capital and strategic support to its portfolio companies. Spectrum has invested in over 120 companies in the last 20 years – representative investments include Ancestry.com, BATS, GrubHub, Lynda.com, Passport Health, Prezi, SurveyMonkey, Teachers Pay Teachers, Verafin and WeddingWire. For more information about Spectrum visit www.spectrumequity.com.