LottieFiles, the animation centered startup reveals on successfully raising USD37 million in Series B funding led by Square Peg Capital, that will be used to make animation format "more ubiquitous."
The funding that was led in participation from XYZ Venture Capital, GreatPoint Ventures as well as returning investors 500 Startups and Microsoft Venture Fund (M12) will be used towards the expansion of the LottieFiles roadmap.
According to the startup, the firm will seek to hire fresh hands for its engineering and R&D teams as well as develop a new workflow that will greatly enhance logistics of Lottie animation.
LottieFiles is known for simplifying the workflow between creation of animation in software such as Adobe After Effects and then shipping it to "its final destination in an app."
"We are democratizing motion design the way Canva democratized design. Before Canva, it was Photoshop, which needed hundreds of hours," Kshitij Minglani, the co-founder of LottieFiles said.
"We are doing the same thing to motion design industry," he added.
LottieFiles, a JSON-based file format which was first introduced as an open source library, and is currently used by animation and motion designers at 150,000 companies worldwide which includes Google, TikTok, Disney, Uber, Airbnb and Netflix.
Founded in 2017 by Minglani and Nattu Adnan, the startup had announed a USD9 million Series A fund raising in January 2021, and has raised approximately USD47 million in total since then.
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