Square Peg Capital led a US $37 million Series B fundraising round for LottieFiles, the motion graphics platform for designers and developers, with participation from XYZ Startup Capital, GreatPoint Ventures, and previous investors 500 Startups and Microsoft’s venture fund M12.
LottieFiles stated in a news release that it wants to utilise the funds to further its product roadmap and expand its operations to better serve its growing user base. In the summer of 2022, the firm plans to roll out a new design workflow and collaboration solution to its worldwide user base, allowing designers to save even more time per asset sent and devote more time to creation.
“The LottieFiles team spent the last three years studying and perfecting a blueprint that now works for design and developer teams from more than 135,000 companies. We are excited to bring LottieFiles into offering this year and grow our user base even more,” says LottieFiles CEO and co-founder Kshitij Minglani.
Lottie is a JSON animation file standard that allows designers to distribute animations as easily as static assets to any platform. LottieFiles was founded in 2018 with the goal of saving motion designers and developers weeks of time by eliminating the need to write motion graphics separately for each platform.
Lottie animations are hailed as the “ideal” substitute for traditional formats such as GIF or PNG sequences because of its cross-platform applicability and usefulness, lightweight and interactive nature, and ability to play at 120 frames per second.
Lottie is used by 135,000 firms worldwide, according to the company, including animation and motion designers from Google, TikTok, Disney, Uber, Airbnb, and Netflix. Adobe XD, Adobe After Effects, Figma, Webflow, and WordPress are all integrated with LottieFiles.
LottieFiles previously raised $9 million in Series A funding from Microsoft Venture Fund M12 in January 2021. Since then, the firm claims to have seen a 160 percent increase in net new registered users.
LottieFiles announced the purchase of India-based design asset marketplace Iconscout in February of last year.
