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 Sequence A funding, in accordance with an SEC filing.
The fundraise is a testomony to the enduring want for social apps that join individuals with each other extra straight, as an alternative of via personalised algorithms stuffed with creator content material and now, usually, AI slop.
“One thing that needs to be true and might be true is that individuals will nonetheless wish to see extra of their associates,” Sharp advised TechCrunch in December, referring to how For You-style feeds have taken over right this moment’s social media. “The pictures and movies you’re taking might want to discover a place the place they will attain the meant viewers,” he stated.
Business Insider first noticed the SEC submitting, which is beneath the startup’s identify, 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 reply to a request for remark.
Launched in 2023 as extra of a private photograph journal, Retro has since expanded its characteristic set to let customers privately share pictures of their week with associates; create shared albums; view and share recaps; or “rewind” to time-travel again via photograph reminiscences.
The app has one other benefit that appeals to shoppers: It doesn’t monetize by way of promoting. As an alternative, the corporate affords in-app subscriptions that supply options like help for video, GIF and sticker feedback, extra types, limitless historical past, and particular app icons.
In accordance with knowledge from app intelligence supplier Appfigures, Retro has been downloaded round 7 million occasions since its launch and has seen its in-app spending bounce 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 bounce are dedicated prospects who’ve turned Retro right into a often used photo-sharing app.
Retro’s backers embody Thrive Capital, Figma CEO Dylan Area, Scribble Ventures, Field Group, Imaginary Ventures, Coalition, Conviction, Copper, Optimistic Sum, and varied angels.
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