Retro, a friend-focused photo-sharing app built by former Instagram product engineers Nathan Sharp and Ryan Olson, has raised more than $21 million in Series A funding, according to an SEC filing. The filing, dated August 19, indicates the funding itself was closed in December. PitchBook now estimates the startup is valued at over $100 million. Retro did not respond to a request for comment.
The fundraise is a testament to the enduring need for social apps that connect people with one another more directly, instead of through personalized algorithms filled with creator content and, often, AI-generated material. Sharp told TechCrunch in December that people will still want to see more of their friends, and that photos and videos will need a place where they can reach the intended audience. Launched in 2023 as more of a personal photo journal, Retro has since expanded its feature set to let users privately share photos of their week with friends, create shared albums, view and share recaps, or rewind through photo memories.
The app does not monetize via advertising. Instead, it offers in-app subscriptions that include features such as support for video, GIF and sticker comments, more styles, unlimited history, and special app icons. According to data from app intelligence provider Appfigures, Retro has been downloaded around 7 million times since its launch and has seen its in-app spending jump more than 460% over the past 180 days. While only a small subset of app users subscribe, the expectation is that those who do are committed customers who have turned Retro into a frequently used photo-sharing app. Retro's backers include Thrive Capital, Figma CEO Dylan Field, Scribble Ventures, Box Group, Imaginary Ventures, Coalition, Conviction, Copper, Positive Sum, and various angels.
What remains unknown is how Retro will deploy the new capital, whether the valuation estimate will be confirmed, and how the app's subscription base will scale relative to its download count. The SEC filing was first spotted by Business Insider under the startup's corporate name, Lone Palm Labs, but Retro has not publicly commented on the round or its plans.