Memoir App Gets $5.5 Million in Funding

memoir

The photo sharing app Memoir recently got a big boost in financial support, to the tune of $5.5 million. The app, which is a competitor to Timehop, received most of its funding from Ryan Sarver of Redpoint Ventures, Box Group, Founder Collective, Lerer Ventures and Thrive Capital.

Memoir first launched in the fall of 2013 for iOS. The app was designed to help users uncover past photos through a variety of methods. For example, users could recover images from a time capsule feature on the app. At the time, the company had raised $1.2 million in seed funding.

This September, the makers of Memoir launched a new feature on the app known as “predictive photo sharing.” This function uses data from the phone to determine when you have arrived and left a location and which of your friends were there with you. The app gives you the opportunity to share photos with those friends and hopefully get some in return.

Lee Hoffman, co-founder of the company, says the app’s users currently share about 20% of their photos publicly on social networks, which is down 10% from three years ago. However, users are taking an average of five photos per day, which is a 75% increase from last year.

With the new financial backing, Memoir may be able to ramp up its features and take its design to a whole new level.

About Natalie Rutledge

Natalie Rutledge majored in Communications at Mississippi State University. She was in sales for a number of businesses and spent nine years working as a communications advisor. Natalie can be contacted at [email protected]