Israeli subscription-based content creation tools software developer Lightricks announced today that it has raised $135 million in Series C financing round at a $1 billion valuation. The round was led by Goldman Sachs Private Capital Investing with participation from additional investors including Insight Partners and ClalTech. The latest financing brings Lightricks’ total funding to $205 million to date. The investment will be used to accelerate development of more powerful, cutting-edge AI enhanced content creation tools, by making strategic acquisitions and expanding the company’s offices around the world. Lightricks aims to significantly grow its current team of 250 across Israel, the UK and will open a third office in Germany.
Lightricks cofounder and CEO Zeev Farbman said, "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. 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."
Lightricks was one of the first app developers to pioneer the subscription model on the App Store, demonstrating that consumers will pay for and subscribe to apps when significant value is offered. Lightricks’ seven apps have over 180 million downloads worldwide and nearly three million paying subscribers. The company’s apps have won awards including Best of Google Play, three Apple's App of the Year awards and the prestigious Apple Design Award. Goldman Sachs Private Capital Investing managing director Christian Resch said, "We have been very impressed with Lightricks’ exceptional growth trajectory, outstanding technology and talented management team. 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 VP Private Capital Investing Kirk Lepke will join the Lightricks board of directors.
Published by Globes, Israel business news - en.globes.co.il - on July 31, 2019
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