Vintage-style photo app Lapse raises $30M, valued at $150M
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Lapse is a photo app that makes phones act like old film cameras - pictures develop over time and can't be edited. It has millions of users and raised $30M in funding.
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Greylock and DST Global co-led the new funding round. Lapse is now valued around $150 million.
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The app aims to recreate the analog camera experience on phones. There's photo processing happening behind the scenes to optimize images.
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Lapse previously used controversial growth tactics like forced invites but claims it no longer needs those. However, some dark patterns remain for new users.
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Investors believe Lapse can fill the hole left by major social apps that now focus more on influencers and entertainment than friends. The mechanics tap into a desire for authentic sharing.