Digital photo service Camera360 announced today $18 million series B funding, led by SIG and joined by existing investors Gogi Partners and Matrix Partners. The new funding will be used on R&D, product development and talent, according to Xu Hao, CEO of Camera360.
Launched in May 2010, Camera360, the company’s flagship product, now has more than 150 million users world wide. Focusing on photo related, the company developed another eight products. Two months ago we tested its latest product, Phonograph Camera.
Camera360 has been building an all-around photo service for users, from taking pictures, backing up them, managing them cross-platform, to sharing them to multi-platforms. At the end of 2012, a Cloud-based photo album was released.
An SDK has been released for third parties to develop features or services on top of Camera 360. Social networks, Tencent Weibo, Renren and Kaixin001, online travel service Mafengwo, among others have already adopted it.
Currently the company is working on building a business model with its one-stop photo service and third-party partners. The company believes in that the values in photos, which are being saved and shared, are the very things to monetize over time.