Friend-focused photo-sharing app Retro snags $21M

Retro, the friend-focused photo-sharing application built by former Instagram product engineers Nathan Sharp and Ryan Olson, has secured more than $21 million in Series A funding, according to a filing with the U.S. Securities and Exchange Commission (SEC).

This fundraising round highlights the enduring demand for social apps that connect individuals directly, bypassing personalized algorithms packed with creator content and AI-generated noise. First spotted by Business Insider, the SEC filing dated August 19 indicates that the funding was actually closed in December, operating under the startup's corporate name, Lone Palm Labs. PitchBook currently estimates the startup's valuation to be over $100 million.

Retro features another consumer-friendly advantage: it does not monetize through advertising. Instead, the company relies on in-app subscriptions that unlock features such as video support, GIF and sticker comments, additional styles, unlimited history, and special app icons.

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Data from app intelligence provider Appfigures reveals that Retro has accumulated around 7 million downloads since its launch and has experienced a surge of over 460% in in-app spending over the past 180 days. While subscribers still represent a small subset of the user base, they are regarded as committed customers who have transformed Retro into a frequently used photo-sharing destination.

Retro's backing lineup features Thrive Capital, Figma CEO Dylan Field, Scribble Ventures, Box Group, Imaginary Ventures, Coalition, Conviction, Copper, Positive Sum, and various angel investors.

Source: TechCrunch