Picsart, a little-known mobile app — and community — for photo editing and drawing, is catching investors’ attention.
Profitable and with 200 million users, Picsart is building a mobile community for creatives, and today it’s announcing that it has raised $10 million in new funding entirely from Sequoia Capital.
Picsart’s app combines drawing and editing tools, with social capabilities to enable creators to share their artwork with Picsart’s community.
“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.”
The app reminds me of Pixlr and the like, but with sharing, contests, and other distribution and promotion features.
However, while it likely appeals to the same artsy crowd that hangs out on Instagram, Picsart isn’t a social network. Instead, it’s more like a “YouTube for pictures because it’s a platform to be discovered,” as Avoyan said.
And 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.
Since Picsart is already profitable, 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. Avoyan founded Picsart in 2011 in Mountain View, California, and this is its first round of funding.