Venticake Inc., the maker of the hit photo app Retrica, announced on Oct. 7, that the company is receiving $6M of funding from Bessemer Venture Parters, Goodwater Capital, and Altos Ventures. With Retrica, Venticake leads the photo app market with 250 million downloads worldwide–amidst sustained success, CEO Sangwon Park plans to target new grounds in Asia and North America, as well as further improve user experience with existing customers.
The company consists of only a handful of developers. Park, who had worked at Naver and a number of IT firms, quit his last job in 2011 to found Venticake alone. Since then, the company has added developers with experience and training from Kakao, Skype, and the University of Tokyo. The company launched Retrica in 2012 on the Apple Appstore, and its Android version in April 2014–and the app has since garnered an immense user base in Europe and the Americas. Having earned its accolades within Korea as a hugely successful overseas ‘app exporter,’ Venticake was selected as one of the few start-ups to be a tenant of Campus Seoul, an incubator space sponsored by Google and Asan Nanum Foundation.
Eric Kim, the co-founder of Goodwater Capital said that his team was impressed by “the stellar product focus that Venticake was able to demonstrate,” and added that he is “happy to be able to support Retrica on its growth path to reach an even wider global audience.”
Jeremy Levine of Bessemer Venture Partners commented, “Retrica organically gathered a hundred million users around the world with no advertising whatsoever, and this is very rare. BVP is excited to be Venticake’s partner in its next stage of business to draw in another hundred million.”
Bessmer Venture Partners is a powerhouse venture capital firm with a century of history, boasting a long track record of successful IPOs. The other two partners in the investment are specialized in the Korean tech market: Goodwater Capital is led by Eric Kim, who has served on the boards of Coupang, Kakao, and Memebox; Altos Ventures by Han Kim has also had multiple successful investments in South Korea.
“We are gearing up to invent new user experiences with our market-leading photo app,” said Sangwon Park, “and the success our company has seen so far, as well as this round of investments will be key in this new growth stage of business.”