Photo Editing Platform PicMonkey Nets $41M from Spectrum
July 31, 2015
Spectrum Equity has made a $41 million investment in PicMonkey, a web-based photo editing and graphic design service. In conjunction with the transaction, Pete Jensen and Ethan Choi of Spectrum Equity will join the company's Board. Founded in 2012, PicMonkey has millions of users and hundreds of thousands of paying subscribers from more than 190 countries, its user base ranging from individual consumers to large enterprises. More than 1.7 billion images have been created and edited on the PicMonkey platform; the company had already reached profitability before this first round of outside funding.