Retro, a photo-sharing app centered on friendships and created by ex-Instagram engineers Nathan Sharp and Ryan Olson, has successfully secured over $21 million in Series A funding, as revealed in an SEC filing.
This funding reflects the ongoing demand for social applications that foster genuine connections among users, rather than relying on algorithm-driven feeds filled with content from creators and, increasingly, AI-generated material.
“It’s a certainty that people will continue to desire more interactions with their friends,” Sharp noted in a conversation with TechCrunch last December, highlighting the dominance of curated feeds in modern social media. “The images and videos users capture need a platform where they can reach their desired audience,” he added.
The SEC filing, first reported by Business Insider, is registered under the startup’s name, Lone Palm Labs. Dated August 19, it indicates that the funding round was finalized in December. PitchBook currently estimates the company’s valuation to exceed $100 million.
Retro has yet to respond to inquiries for comments.
Launched in 2023 focusing primarily as a personal photo journal, Retro has broadened its functionalities. It now allows users to share private weekly photo collections with friends, create collaborative albums, and revisit memories through recap features or by “rewinding” their photo timelines.
One of the app’s key strengths is its non-reliance on advertisements for revenue. Instead, it offers subscription options that enhance user experience with features like video support, GIF and sticker comments, unlimited history access, and unique app icons.
Data from app analytics firm Appfigures indicates that Retro has achieved approximately 7 million downloads since its debut, with in-app spending increasing by over 460% within the past six months. Although only a small fraction of users are subscribed, those who do opt for the subscription appear to be dedicated users, making Retro a frequently utilized platform for sharing photos.
Investors in Retro include Thrive Capital, Figma CEO Dylan Field, Scribble Ventures, Box Group, Imaginary Ventures, Coalition, Conviction, Copper, Positive Sum, and various individual backers.
