Gen-Z Favorite Photo-Sharing App Lapse Closes $30 Million in Series A Funding to Build a New Kind of Social Media
The raise validates a year of exponential growth for Lapse, which became the most downloaded app in the Apple US & UK app stores.
- Funding co-led by Greylock (early investor in Facebook, Instagram, LinkedIn, Musical.ly (now TikTok), Roblox, and Discord) and DST Global Partners, with participation from existing investors GV (Google Ventures), Octopus Ventures and Speedinvest
- App sky-rocketed in popularity in 2023, organically reaching #1 in the US and UK app stores
- 100 million memories are captured every month on Lapse, as it quickly becomes the camera of choice for young people
- Greylock General Partner Jacob Andreou (Former Snap Inc. Senior Vice President of Product & Growth) joins Lapse Board of Directors
LONDON, Feb. 27, 2024 /PRNewswire/ -- Lapse, a friends-focused photo-sharing app inspired by the experience of disposable cameras, has closed an oversubscribed $30 million Series A round. Co-led by Greylock and DST Global Partners, preeminent investors in the Internet technology sector, existing investors GV (Google Ventures), Octopus Ventures, and Speedinvest returned to participate alongside high-profile angel investors Naveen Gavini (former Chief Product Officer at Pinterest), Soleio (designer and investor), Nima Khajehnouri (former VP of Engineering at Snap Inc.), and Praveen Murugesan (former Director of Engineering at Uber).
The raise validates a year of exponential growth for Lapse, which became the most downloaded app in the Apple US & UK app stores. Lapse's unique interface allows users to capture and share authentic, unedited photos with friends, and stay in the moment rather than obsess over how their content will be received. This approach has helped the app to grow an engaged following rapidly. Today, millions of consumers use Lapse as their camera to capture and share memories with their friends.
Launched in 2021, Lapse was inspired by Co-founder Ben Silvertown's experience using a point-and-shoot film camera whilst backpacking in Vietnam to capture priceless moments that would become some of his most treasured photographs. When he returned, he teamed up with his brother Dan, and the two built an app to help people live in the moment when taking and sharing photos. As more and more young people make an active decision not to partake in the traditional game of "likes and followers" that rules social media, Lapse aims to become the authentic outlet for memories by becoming the default camera.
"Lapse doesn't let you upload or edit in ways that other platforms encourage," says Co-founder Ben Silvertown. "Everyone on Lapse plays by the same rules, which creates a space where it's OK to share all moments, not just the glamorous."
As Lapse has grown, Co-founders Ben and Dan have prioritized evolving the app to meet the needs of its community. With this fundraise, the team will continue to prioritize product updates guided by user feedback, and plan to expand the company's engineering and technical teams.
"Lapse has captured the hearts and minds of a generation who isn't sharing their lives with friends on other social platforms," said Jacob Andreou, General Partner at Greylock. "This is a testament to Lapse's Founders Ben and Dan, who are a unique blend of art and science, and obsessed with building an authentic experience for young people to capture moments and share memories."
"We're humbled that what we have built has resonated so strongly with so many. We've only scratched the surface of our grander vision: To build a new kind of social media," says Co-founder Dan Silvertown. "As we enter this next chapter, we are grateful to our partners for their ongoing support and belief in this company."
For more information about Lapse and its pioneering approach to capturing and sharing photos, please visit lapse.com.
About Lapse
Lapse is a photo-sharing app created for friends, not followers. Founded in 2021 by serial entrepreneurs Ben and Dan Silvertown, Lapse emulates the experience of using a point-and-shoot film camera to capture priceless moments in their truest form. Our mission is to become the default outlet for sharing authentic memories. To learn more about Lapse, please visit lapse.com.
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