LogoJoy Raises $4.5
Thanks to VentureBeat
After having served 3.3 million users from 188 countries and sold over 100,000 logos, Logojoy has raised $4.5 million ($6 million CAD) in a Series A funding round led by Real Ventures, with participation from Boston-based Flybridge Capital. It’s the startup’s second raise, following a $680,000 seed round in 2017 ($900,000 CAD), and brings its total to date to over $5 million ($6.9 million CAD)
Logojoy will use the capital to expand its team of 33 full-time employees to over 50, Whitfield said, with an emphasis on growing its suite of developer tools and enhancing the capabilities of its AI platform. Logojoy is on track to bring in $8 million in revenue (up from $50,000 two years ago), and Whitfield expects that number to grow to $15 million (and 140,000 logos sold) in 2019.
“Logojoy allows small business owners to get designs without having to fork over thousands of dollars,” Whitfield told VentureBeat in a phone interview. “It’s a graphic design platform with an AI-powered designer on the other side … Whether you’re designing a flyer or an internet ad or a restaurant menu, you want to … feel like you’re [working] with a graphic designer. We’re using AI to try to create the algorithm behind the scenes that’s there to help our customers with their design.”
Here’s how it works: Customers start with an “inspiration,” like a style, color, or icon that speaks to them, and enter their name or brand name. They then browse from pages of custom logos generated on-demand in less than 30 seconds. If they don’t see one they like, Logojoy’s AI system serves up more. After they favorite a few logos, they’re able to view auto-generated previews on business cards, T-shirts, and more, all of which update in real time as the logo’s edited. Finally, once they’ve selected a font (from 475 different choices), color (from 5,500 presets), and layout and tweaked the spacing, font size, and padding, they’re presented with a purchase screen, where they’re given the option to order the logo in high-resolution PNG and vector file formats sized for social media and physical products.
One low-resolution logo file costs $20, and Logojoy offers a $65 premium plan that includes multiple high-resolution file types and variations and allows unlimited changes and lifetime technical support (plus access to optional social media kit, business card, and brand guideline upcharges). Folks who upgrade to the $195 plan, meanwhile, get all of those benefits, plus a one-on-one consultation with Logojoy’s in-house graphic designer.
So what’s next for Logojoy? Currently, it’s working on a fully automated symbol and font generation system, Whitfield said — AI that effectively knows how to craft artistically appealing designs. He admits that it won’t be easy but says Logojoy’s domain expertise gives it a unique advantage over competitors like Tailor Brands.