Vinted, a portfolio company of BurdaPrincipal Investments, the growth capital arm of Hubert Burda Media, announced a €128 million Series E funding round.
Hubert Burda Media announced an investment in Sweet Escape, an AI-driven photography platform based in Indonesia. Burda’s growth capital arm BurdaPrincipal Investments invested in the US$6 Million Series A funding round which was co-led by Openspace Ventures and Jungle Ventures. The business was first established to solve a very simple problem: to allow people to capture their experiences while traveling with beautiful photos via locally curated professional photographers.
“We loved the company’s vision of providing photography services around the world in a personalized yet efficient manner, and believe there is a strong overlap with Burda’s strengths and values. We are excited to be working with the team to help bring this experience to a broader global audience.”
Albert Shyy, Principal of BurdaPrincipal Investments
“Our ultimate mission is to empower the photographers’ community while providing consumers with affordable access to quality photos anywhere around the world. I have been a photographer for the past 20 years. 70% of a photographer’s time is spent not taking photos. Our platform makes their life’s easier - with us handling 80% of the photographer’s workflow and post-production - increasing photographers’ productivity and income and allowing them to pursue their passion. To do this, our goal is to leverage AI-driven image processing technology to accelerate and automate the post-production process.”
David Soong, CEO and Founder of Sweet Escape
Sweet Escape was founded in 2017 by David Soong and Emile Etienne, who were also the founders of Bridestory, Southeast Asia’s largest wedding marketplace platform. Today, Sweet Escape has serviced tens of thousands of customers across hundreds of countries and bookings have more than quadrupled since launching in 2017. The Company is focused on being the first AI imaging technology in the region to lead the innovation and the transformation in this US$80 billion photography industry. The fresh round of financing will be used to develop the company’s technology and to strengthen their presence across Asia. Headquartered in Jakarta, the company currently has over 100 employees as well as offices in Singapore and Manila, and the company plans to double the team size by the end of 2019.
BurdaPrincipal Investments has significant experience investing globally in technology platforms. The company provides long term growth equity for fast growing digital technology and media companies. Current investments include Zilingo, Notonthehighstreet.com, M.Gemi, Vinted, and Waitwhat.