Retro, the friend-focused photo-sharing app constructed by former Instagram product engineers Nathan Sharp and Ryan Olson, has raised north of $21 million in Collection A funding, in line with an SEC submitting.
The fundraise is a testomony to the enduring want for social apps that join folks with each other extra immediately, as a substitute of by way of customized algorithms full of creator content material, and now, usually, AI slop.
“One thing that must be true and can be true is that folks will nonetheless wish to see extra of their pals,” Sharp instructed TechCrunch in December, referring to how For You-style feeds have taken over right now’s social media. “The pictures and movies you are taking might want to discover a place the place they will attain the meant viewers,” he mentioned.
Enterprise Insider first noticed the SEC submitting, which is underneath the startup’s title, Lone Palm Labs. The submitting, dated August 19, signifies the funding itself was closed in December. Pitchbook now estimates the startup is valued at over $100 million.
Retro didn’t instantly reply to a request for remark.
Launched in 2023 as extra of a private picture journal, Retro has since expanded its characteristic set to let customers privately share pictures of their week with pals; create shared albums; view and share recaps; or “rewind” to time-travel again by way of picture recollections.
The app has one other benefit that appeals to shoppers: It doesn’t monetize through promoting. As a substitute, the corporate affords in-app subscriptions that supply options like assist for video, GIF and sticker feedback, extra kinds, limitless historical past, and particular app icons.
In keeping with information from app intelligence supplier Appfigures, Retro has been downloaded round 7 million occasions since its launch, and has seen its in-app spending soar north of 460% over the previous 180 days. Whereas it’s nonetheless a small subset of app customers who subscribe, the expectation is that those that make that soar are dedicated clients who’ve turned Retro right into a incessantly used photo-sharing app.
Different buyers in Retro embody Thrive Capital, Figma CEO Dylan Subject, Scribble Ventures, Field Group, Imaginary Ventures, Coalition, Conviction, Copper, Constructive Sum, and numerous angels.
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