PastBook Raises $2 Million to Scale-Up its One-Click Photo Books Platform
PastBook, a fast-growing technology company specialized in frictionless photo book creation, announces today it has completed a new investment round of $2M, bringing the total amount raised by the company to over $2.5M.
This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20170921005099/en/
The investment was completed in two tranches: an initial convertible note plus a follow-up investment from existing investors (Vortex Capital Partners and other Dutch high net-worth individuals, mostly successful entrepreneurs).
According to investor Dinko Valerio - Founder and former CEO of Crucell, “As a sparring partner and investor, I am very pleased with the roll-out and success of PastBook. The company is clearly poised for further growth, which is why I am happy to continue my support.”
PastBook has been growing exponentially at a rate of 10x YoY in revenue for the last three years in a row, with the majority of customers (80%) being in the USA. The company will use the proceeds of the new investment round to introduce new products and fuel marketing activities for its international expansion through the launch of its Intelligent Instant Photo Book platform in several European countries – including The Netherlands, Germany, France, Italy and the UK – in addition to the USA, Australia and Canada where PastBook already has a significant commercial presence.
Stefano Cutello, Founder and CEO of PastBook says, “With our Intelligent Instant Photo Book solution focused on Facebook and Instagram, we have proven that we’re un-tapping a new segment in the market: people who always wanted to have a photo book but never found the time to make one. With the additional resources now at our disposal, we can go full-steam in developing solutions that cater to their needs.”
The PastBook Intelligent Instant Photo Book platform provides the most frictionless way to create a photo book from any source. PastBook’s own developed algorithm combines a huge range of data with smart technology to automatically select the user’s best photos (with their captions and dates) from a chosen time period and instantly arranges them into a photo book within 60 seconds, without requiring user interaction.
PastBook’s sophisticated technology and algorithms, combined with its one-click photo book creation engine, sets its service apart from its competitors and the more traditional, mainstream, players in the photo book market: 95% of the books sold by PastBook are instant books, i.e. not edited by its customers (having had the option to make changes). For 50% of the PastBook users, their PastBook photo book is the first photo book they have ever created.
PastBook also recently partnered up with RPI, a provider of premium quality photo book printing services with facilities in USA and Europe, along with partner facilities in Oceania. Through this partnership PastBook has been able to expand its global footprint and reduce shipping times.
ABOUT PASTBOOK - https://www.pastbook.com/
Founded in 2012 in Amsterdam, as part of RockStart Accelerator, PastBook has been named one of the ‘Hottest startup’s in Amsterdam” by Wired, nominated as “Rising Star” by Deloitte (Fast50) and listed as one of the “Top 5 Fastest Growing Tech Companies” by TheNextWeb (Tech5). It has also been featured by Facebook as Marketing Success Story (https://www.facebook.com/business/success/pastbook).
PastBook is on a mission to help people preserve and relive memories, that are nowadays scattered between social networks and devices, by offering the most frictionless experience to create a beautiful photo book in seconds.
PastBook’s Intelligent Instant Photo Book platform automatically and intelligently selects the best photos from designated and instantly arranges them into a beautiful photo book, ready to be printed.
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