Lottiefiles Raises $37 Million Series B Funding
Motion graphics platform Lottiefiles has raised $37 million in Series B funding. The company plans to use the extra capital to expand its operations and better cater to its growing user base.
What is Lottie? A Lottie is a JSON-based animation file format that allows artists to send their work across platforms as easily as they might with a static asset. Lottiefiles are small compared to PNG or GIF files, allowing them to be easily migrated, but still capable of being scaled up or down without pixelation.
Where are Lotties being used? A Lottie animation can be played on any web or mobile device and can include smart settings which allow for interactive animation. The company claims that “the majority of today’s most-downloaded apps, popular websites and platforms” are using the open-source format.
Are there other advantages of the Lottie format? Because it is vector-based, Lotties are resolution independent and scalable at run-time. The format offers the ability to play animation at 120 frames per second, and the files can be migrated cross-platform between iOS, Android, Web and React Native without modification. It is envisioned as a replacement for GIF and PNG sequences.
Who is Lottiefiles? The privately-held Lottiefiles was founded five years ago by Kshitij Minglani and Nattu Adnan. The San Francisco and Kuala Lumpur, Malyasia-based company hosts a platform that offers Lottie creation, editing, and testing tools, as well as a marketplace for animation. Prior to its current funding round, the company raise $9 million in a Series A round last year. The LottieFiles.com website currently counts users from more than 135,000 companies globally.
What is this new funding for? Lottiefiles will use the funding to use the funding to further its product roadmap and hire new employees, while developing a new workflow to streamline shipping animation. The new workflow and collaboration solutions are expected to become available to Lottiefiles users this summer.
Where did the money come from? This round of funding was led by Square Peg Capital with participation from XYZ Venture Capital, GreatPoint Ventures, and existing investors 500 Startups and M12, Microsoft’s venture capital fund M12.