PicsArt was founded in 2010 by Artavazd Mehrabyan and Hovhannes Avoyan. In 2021, CEO Avoyan told Forbes that while he wants his company to remain private for the time being, he may be eyeing an IPO "in the next 12 to 18 months."
PicsArt is a mobile-native creative media platform that gives users the tools to edit videos and images. While the app is popular among general consumers, businesses use PicsArt's tools to enhance and edit images for e-commerce. The company is based in San Francisco but maintains a presence in Armenia, Avoyan's native country. The company has raised more than $190 million in venture capital funding from investors such as SoftBank Vision Fund, DCM, Graph Ventures, G Squared, Tribe Capital, and Sequoia Capital. A 2021 funding round brought in $130 million in fresh capital, increasing PicsArt valuation to $1.5 billion.
These comments should not be interpreted to mean that the company is formally pursuing or foregoing an IPO.