Raleigh-based startup WedPics – a photo sharing and related services focusing on weddings – has pulled in $4.25 million in new funding and plans to “massively scale the company,” says CEO Justin Miller. He’s also looking to hire, growing WedPics staff by some 25 percent.
The round actually is expected to close at $5 million once other investors join, including one with “Shark Tank” ties.
Why raise the funding now, we asked.
“Massively scale the company and our focus around wedding/user acquisition vs. revenue at the moment,” says Miller.
With its growing number of apps and services focused on weddings (photos, cards, more), WedPics is obviously hot given the amount of money raised but also the quality of investors.
Investors include high-profile angel investor Adam Draper, whom Miller recently met in Raleigh (more on that in an upcoming story), plus:
- BullPen Capital as the lead investor
- OCA Ventures
- Venture51
- IDEA Fund Partners in Durham
- Great Oaks
Barbara Corcoran of “Shark Tank” fame also plans to join the round later, having asked for a $250,000 “hold” to get her AngelList syndicate in on the deal, notes TechCrunch.
In addition to marketing effort, Miller is looking to beef up technical staff.
“Currently 16,” he says about headcount
“Looking to hire 4 or 5 more.
“Another iOS, Android, and web devs, a QA person, along with a marketing person.”
With that much growth, WedPics may also have to consider new office space beyond what it has at HQ Raleigh in the warehouse district.
“Will need more space, still TBD as to how that’s going to happen,” he says.
“We do love our set up @ at HQ Raleigh – just need to scale to accommodate.”
More product offerings are coming, too, as revenue begins to grow.
“We have 2 printing channels in place at the moment, photo prints and printed app invite cards for each couple,” Miller explains.
“We view revenue as ‘accidental’ this year as our focus is heavy on acquisition.
“That said, we’re on track to surpass $350K this year.”
