PicMonkey, a Seattle-based photo editing web app just secured a $41 million growth equity investment from Spectrum Equity. This is the three-year-old company’s first ever round of outside funding, the site has bootstrapped its way into profitability.
“PicMonkey has grown from the ground up into a profitable business without a single round of outside funding,” Jonathan Sposato, co-founder and CEO of PicMonkey, said in a press release.
The app has built up a repertoire of nearly 25 million monthly users over the past several years.
PicMonkey can be used to make adjustments to pictures, build collages or create more complex graphic photo illustrations. The site has also built up “hundreds of thousands” of paid users, who pay about $5 a month (or $33 a year) to use the site ad-free and gain access to a variety of different features.
“It is rare for us to see a user community as passionate and loyal as this one. We think this is only the beginning of what this company can do,” Pete Jensen, managing director of Spectrum Equity, said.