The Armenian company Picsart has raised $ 130 million in development financing, Business Ware reports. 

The new capital injection pushes the company's valuation towards the $1 billion mark.

According to PitchBook, the company's previous round of capital in 2019 was valued at approximately $ 600 million.

“Picsart is powering visual culture and breaking barriers between inspiration and creativity,” said Hovhannes Avoyan, Picsart’s founder and CEO. “We want to make the world more creative and have users in every country of the world designing, remixing, editing, and sharing on Picsart and beyond. This additional capital, led by powerful partners, will enable us to further strengthen our position as the backbone of the creative generation.”