Picsart could be next Instagram

Picsart, a mobile photo editing application, is going to get $ 15 million in a new round of financing, raising the company's total valuation to $ 250 million, Fortune reports . The previous investor of the application, Sequoia will also participate in this tour, but it is unlikely the lead investor.

Picsart flew unnoticed under the nose of many, and quietly collected about 250 million downloads of its applications for iOS and Android. The company reports that the application audience has 60 million active monthly users. Earlier this year, the company received $ 10 million from Sequoia Capital.

At the very beginning, the company was content with an application for Android, but after two years, an application for iOS appeared. In November 2013, the application skipped the bar to 90 million downloads and 30 million active users monthly. In December of the same year, the application started on Windows Phone.
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The company, founded in Armenia by Hovhannes Avoyan and Artavazd Mehrabyan, with the functionality of its applications goes beyond Instagram filters, allowing users to edit images together and most of all resemble a mix of Instagram and Adobe Photoshop.

Regarding earnings, the difference between a startup and Instagram appeared from the very beginning. In addition to native advertising support, Picsart allows users to make in-app purchases of additional fonts, filters, and other tools.

Recently, the company hired as a CRO (Chief revenue officer) former manager of Zynga Wilson Kriegel (Wilson Kriegel), who distinguished himself by playing DrawSomething.

So the question is, can Picsart shoot like Instagram?

Instagram has created a photo sharing community via mobile devices. Picsart is trying to take a step forward by providing the possibility of co-creation. Currently, the market is oversaturated with photo-sharing applications, and many startups have tried to replicate the success of Instagram, but have never been able to get close to it.

In favor of Piscart says that the creators of the application quietly scored an interested user base with an impressive 300 million downloads. Fortune also writes that in the near future, the company plans to introduce video editing functions.