July 31, 2019 / 12:29 PM / 24 days ago

Israeli software firm Lightricks raises $135 mln at $1 billion valuation

TEL AVIV (Reuters) - Israeli software company Lightricks, the creator of several photo and video editing apps, said on Wednesday it has raised $135 million in financing at a $1 billion valuation.

The round was led by Goldman Sachs Private Capital Investing with participation from additional investors including New York-based Insight Partners and Israel’s ClalTech. The latest financing brings Lightricks’ total funding to date to $205 million. 

Lightricks’ seven apps have over 180 million downloads and nearly 3 million paying subscribers. It said it has tripled revenue annually over the past three years. 

The investment will be used to accelerate development of more artificial intelligence-enhanced tools, by making strategic acquisitions and expanding the company’s offices. Lightricks aims to significantly grow its team of 250 across Israel and the UK and open a third office in Germany. 

Reporting by Tova Cohen

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