Leading European service for online photo sharing, storing and printing completes a new round of fund-raising for €10 million.
Created by the merger of Photoways and Photobox last year, Photoways Group announced today the completion of a new round of funding for €10 million. New investor HarbourVest Partners LLC, Boston, is leading the Series B round, with early investors – Index Ventures and Highland Capital Partners – also participating. In conjunction with the financing, HarbourVest’s Peter Lipson, Principal, is joining the Company’s Board of Directors.
The Photoways Group intends to use these funds to capitalize on its leading market position and accelerate its continued growth across Europe. The company is developing new sites, launching innovative photographic products and investing in additional production capacity to meet increasing demand for its products and services.
“We’re committed to driving the online revolution in the world of digital photography,” stated Stan Laurent, CEO of the Photoways Group. “This additional funding will help us strengthen our leadership of our market via great customer service and product innovation. We’re pleased with HarbourVest’s commitment to our business and the renewed confidence and continuous support from our early investors, Highland Capital and Index Ventures.“
The European market for online photo printing has seen double-digit growth rates in the past few years as a result of innovative new services and higher penetration of both digital cameras and broadband. Photoways also recognized early-on the multi-billion market opportunity in products such as photo-books, personalized calendars, or greeting cards which, in many cases, it was the first to introduce to its audience of over 4 million members. The group generated nearly €30 million in revenue in 2006, up 50% on 2005.