The young, Los Angeles-based company, a recent graduate of the MuckerLab incubator, piggybacks on Instagram’s artsy appeal (and success) and gives photographers online galleries where they can display and sell their filtered photos as printed canvases.
Launched to the public in May, the Instacanvas marketplace appears to be doing A-okay, and investors haven’t been scared off by the fact that Facebook has since gobbled up Instagram. Instacanvas has an annualized revenue run rate of $1 million and powers more than 60,000 photographer galleries, CEO Matt Munson told VentureBeat.
The company, which currently sells prints as square canvases, has today introduced additional products for purchase: framed prints and desktop art pieces.
Instacanvas has experienced challenging scaling issues because of its viral growth, said Munson. The fresh funding will help the seven-person company scale to meet demand, augment its product lineup, and hire aggressively, he said.
The startup, which competes with an assortment of Instagram-driven keepsake companies, also aims to diversify and eventually allow its photographers to hawk shots hosted on other social platforms.
The round announced today is the first formal raise for Instacanvas. It was led by Founders Fund, First Round Capital, Bullpen Capital, and Scott Banister, and included participation from 15 additional angel investors.