Friend-focused photo sharing app Retro snags $21M

Retro, a friend-focused photo-sharing app developed by former Instagram product engineers Nathan Sharp and Ryan Olson, has recently raised over $21 million in Series A funding, according to an SEC filing. This significant investment underscores the ongoing demand for social applications that facilitate more direct connections among users, rather than relying on personalized algorithms and creator content driven by AI.

Sharp expressed this sentiment in December, emphasizing that people will always want to share photos and videos with their friends, especially as For You-style feeds dominate current social media platforms. The SEC filing, filed by Lone Palm Labs on August 19, confirms that funding closed in December. The startup's valuation now exceeds $100 million, as estimated by PitchBook.

Retro, initially launched in 2023 as a personal photo journal, has since added new features enabling users to privately share weekly photos with friends, create shared albums, enjoy recaps, and revisit memories via "rewind" functionality. Unlike many competitors, Retro refrains from monetizing through advertising, instead offering in-app subscriptions that provide enhanced features like video, GIF, and sticker comments, more customization options, unlimited photo history, and distinctive app icons.

Appfigures data reveals that Retro has been downloaded approximately 7 million times since its launch, with in-app spending surging by over 460% over the past 180 days. While the percentage of users who subscribe is small, those who do are likely to be dedicated customers who have incorporated Retro into their regular photo-sharing routines.

The company's investors include Thrive Capital, Figma CEO Dylan Field, Scribble Ventures, Box Group, Imaginary Ventures, Coalition, Conviction, Copper, and Positive Sum, along with numerous angel investors.