Leading European service for online photo sharing, storing and printing completes a new round of fund-raising to capitalize on its leading market position and accelerate its continued growth across Europe.
London, UK - July 19 2007 – 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.
The Photoways group was founded in 1999 in France and rapidly expanded into 15 European countries. It pioneered online photo services in Europe with online printing, storing and sharing services for digital photos before extending its range to innovative products such as photo-books, calendars, and greeting cards. The company markets its services under the Photobox, Photoways and Pixdiscount brands. The company strengthened its leadership of the European market by merging with Photobox, the leading UK service, in April 2006. The group is backed by leading Venture Capital firms Index Ventures, Highland Capital and HarbourVest. Pierre Chappaz, founder of Kelkoo, is Chairman of the Board and Stan Laurent, formerly Chief Operating Officer at AOL Europe, is President & C.E.O. For more information visit main websites www.photobox.com or www.photoways.com.