Technology
Photo-sharing startup Retro raises $21 million in venture funding
The social media app founded by former Instagram employees aims to focus on private sharing among close friends.
The short version
- Lone Palm Labs, the maker of photo-sharing app Retro, secured at least $21 million in venture capital investment.
- Founded by former Instagram employees, the app focuses on private sharing among close friends rather than public feeds.
- Retro operates on a freemium model and has accumulated an estimated 1.7 million active monthly users globally.
Key facts
- Lone Palm Labs has secured at least $21 million in venture capital funding, according to financial filings.[Business Insider]
- Retro was created in 2022 by ex-Instagram employees Nathan Sharp and Ryan Olson.[Business Insider]
- Backed investors include Thrive Capital, Scribble Ventures, Imaginary Ventures, Uncommon Projects, and Figma CEO Dylan Field.[Business Insider]
- Sensor Tower data estimates that Retro has recorded 7.8 million global downloads and maintains approximately 1.7 million monthly active users.[Business Insider]
- The app operates an ad-free, freemium model with an optional premium tier priced at approximately $36 per year.[Business Insider]
What remains uncertain
- Lone Palm Labs did not respond to requests for comment regarding the funding details.[Business Insider]
Sources
- A social media app that feels like the old Instagram days raised $21 millionBusiness Insider metered