PicMonkey, the website that every blogger and graphics editor uses to create header posters just got its first multi-million shot in the arm injection of capital.
The Seattle-based desktop photo editing app startup that lets you adjust photos, build collages or create graphic photo illustrations, bootstrapped its way into a $41 million growth equity investment.
It only took three years, but PicMonkey monetized the nearly 25 million monthly users who use the free app or pay about $5 monthly to get access to a few add-ons and have an ad-free experience.
“PicMonkey has grown from the ground up into a profitable business without a single round of outside funding,” Jonathan Sposato, co-founder and CEO of PicMonkey said in a press release.
The bulk of the funding came from Spectrum Equity. Its managing director Pete Jensen had good things to say about its newest investment property.
“It is rare for us to see a user community as passionate and loyal as this one,” Jensen said. “We think this is only the beginning of what this company can do.”
h/t TechCrunch
