Photography community 500px raises $13m Series B for push into China
Photography community 500px, Inc., has raised $13 million Series B in a round led by Visual China Group that included previous investors Andreessen Horowitz, Harrison Metal, and ff Venture Capital.
Founded in 2009, 500px is both a photo community where photographers can upload and share photos, as well as a marketplace where those same photographers are able to license their photographs to willing buyers.
Unlike a more broad service such as Flickr, the company is particularly focused on professional photographers, and pictures uploaded to the site are said to represent their best work; the community aspect comes into play with other members sharing feedback and critique on photos, along with ability to share pictures to social networks.
The marketplace offers millions of images for license, and primarily finds among its willing consumers agencies, designers, corporate marketers and creative campaign managers.
For a more narrowly focused photography site, 500px’s numbers are impressive: according to reports the site has seen 55 million photos uploaded from six million members.
“Over 1 trillion photographs are taken every year and there is tremendous opportunity for 500px to take the helm in curating to surface the best of them,” 500px Chief Executive Officer Andy Yang said in a statement. “Our growth is reflective of this opportunity and the huge value our community sees in our platform.”
Push into China
Lead investor in the round Visual China Group, as the name may suggest, is a leading provider of digital visual content and solutions listed in China with market cap over US$3 billion, and that’s related to what 500px wants to do with the new round: push into China, along with the greater Asia Pacific Region.
In conjunction with the strategic investment and an exclusive distribution partnership in China, Visual China Group and 500px are establishing a China-specific Joint Venture that will see 500px leveraging their know-how and experience in photography community and licensing, along with Visual China Groups’ local market knowledge “to rapidly expand the community business in Greater China,” according to the company.
“The 500px brand has huge potential in the Asia Pacific region with its unparalleled image quality combined with the massive community base,” Visual China Group Chief Executive Officer Amy Liang noted. “The 500px foundation of discovering creative talent and providing a forum and marketplace for increased exposure is synergistic with the Visual China Group strategic roadmap.”
Including the new round 500px has raised $22.3 million to-date. Previous investors who did not participate in the new round include Deep Creek Capital, High Line Venture Partners, Rugged Ventures, CAA Ventures and Dustin Plett.
Along with the push into China, the company said it would also use the funds from the new round to expand its product, marketing, and operational teams.
Image via 500px
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