Editor’s note: Raleigh-based startup Photofy has raised $1 million in new capital and also released a first-of-its-kind photo platform for brands. ExitEvent Editor Laura Baverman has the details. ExitEvent is a news partner of WRAL TechWire.
RALEIGH, N.C. - With $1 million in new funding and a just-launched enterprise platform for brands, Photofy is out to prove it’s not like other photo editing apps.
In the year since the Raleigh startup launched its free consumer-facing app and raised $750,000 in seed funds, its team of designers and developers have built a library of 35,000 digital stickers, frames and overlays and earned the right to license images and marks from Disney, DreamWorks, most major fraternities and sororities and many NCAA colleges. In-app purchases have made Photofy a top 40-grossing photo app in the App Store (and at one point made its Top 1000 overall). It is nearing a million active monthly users.
But today marks its real opportunity to differentiate from thousands of other photo startups and apps (nearly 1,500 are listed on AngelList) and show that brands will spend marketing dollars on tools that help them better engage with customers and fans.
“Our goal is to prove you can build a revenue model around photo sharing,” says Photofy co-founder and president Jon LaNasa. Today’s Photofy 3.0 launch includes improved features for consumers along with the brand platform, and the new app is available on iOS, Android and Kindle devices.
Betting on Photofy this round is its seed investor Capitol Broadcasting Corp. (ExitEvent’s and WRAL techWire’sparent company), along with Michael Olander Jr., who owns Raleigh-based MDO Holdings and O2 Fitness, and Jim Dondero, who runs the Dallas hedge fund Highland Capital.
The full post can be read at ExitEvent.