Since its last funding round in 2022, when it raised $19 million, PhotoRoom has seen significant growth, particularly in the US market. As of December 2023, the company had over 27 million monthly web visitors and its app had been downloaded more than 100 million times. The company was on track for an annual recurring revenue of $50 million. The company's success has been attributed to its B2B focus and revenue-generating business model, as well as the increasing popularity of AI image-based tools.
Key takeaways:
- PhotoRoom, a startup based in Paris, France, is reportedly in the process of closing a funding round estimated between $50 million and $60 million, with a pre-money valuation of between $500 million and $600 million.
- The company offers an AI-based image editing app and API, primarily targeting e-commerce vendors, media specialists, and has also been used in larger campaigns such as a Barbie personalised poster site.
- Since its last funding round in 2022, when it raised $19 million, PhotoRoom has seen significant growth, with its iOS app currently ranking third among all graphics and design apps in the U.S. and its Android app ranking as the number-one photography app.
- PhotoRoom has reached more than 100 million downloads of its apps since launch and was on track for an annual recurring revenue of $50 million as of December 2023.