TORONTO, Nov. 15, 2018 – Logojoy, an AI-powered design platform that provides entrepreneurs with a quick, convenient, and affordable way to create professional-quality logos, announced today that they raised a $6 million CAD Series A funding round. Real Ventures, a Canadian venture capital firm that invests in emerging technologies, led the deal, while Boston-based Flybridge Capital also participated in the round. Logojoy will use the funds to accelerate its mission of making design accessible and delightful by expanding its team of data scientists and developers.
“We estimate the SMB design market to be nearly $12 billion USD a year, with logo design representing about $1.5 billion,” said Dawson Whitfield, CEO and co-founder of Logojoy. “We’re excited that this funding will allow us to further our research into generative AI to create original design assets and graphics so that using Logojoy feels like working with a brilliant graphic designer.”
The company, which raised $900,000 CAD in seed funding in 2017 from a group of angel investors, has sold more than 100,000 logos to customers in 188 countries through its platform and aims to expand to other areas of small business design using its proprietary machine learning and deep learning models applied to various aspects of design.
“In the short-term, Logojoy will start showing users AI-designed fonts and symbols drawn with the deep learning models we’ve developed,” said Rares Crisan, co-founder and CTO of Logojoy. “Longer term, we plan to roll out this technology to all forms of business design, whether it’s an image for a display ad, a social media post, or a menu.”
Since launching in 2016, Logojoy has served 3.3 million entrepreneurs, freelancers, and side hustlers, with an online logo maker that lets them design an unlimited number of logos for free, and only pay for the designs they want to download and use.
“It was clear to us early on that Logojoy is a platform that businesses of today need. We were extremely impressed with their roadmap and the capabilities of their AI—far beyond what anyone else in the space has accomplished,” said Sam Haffar, Partner at Real Ventures. “With the acquisition of some key personnel, we feel they’ll be uniquely positioned to become the go-to graphic design service that helps entrepreneurs get all the branding assets that they need to succeed on day one.”
Logojoy will continue its work in deep learning by recruiting world-class data scientists and developers, with the hopes to expand its team from 29 to 50 employees by the end of 2019.
Logojoy is an AI-powered design platform that provides business owners with a quick, convenient, and affordable way to create professional-quality branding assets. The company has serviced over 3.3 million users to date, providing them with logo designs in as little as 30 seconds.