June 19, 2019 / 7:36 AM / 2 months ago

French photo startup Meero joins unicorn club after $230 million fundraising

PARIS (Reuters) - French startup Meero, which offers online editing and production tools for photographers, has raised $230 million (£183 million) in a boost for the country’s technology and start-up scene that President Emmanuel Macron hopes will boost the overall economy.

Meero’s fundraising is the biggest on record in France so far this year, beating Doctolib’s 150 million-euro fundraising.

Investment company Eurazeo, which took part in Meero’s fundraising, announced the total of $230 million that had been raised, via a statement on Wednesday.

Eurazeo invested $56 million out of that sum, which brings Meero’s valuation above the $1 billion threshold used by the tech industry to identify so-called “unicorns” — the most valuable and promising startups.

Investment companies Prime Ventures, Avenir Growth, Global Founders Capital, Aglaé Ventures, Alven, White Star Capital and Idinvest Partners also participated in the fundraising, whose financial details were not disclosed.

Meero was founded three years ago and is headquartered in Paris.

Meero hopes to double its staff to 1,200 by the end of the year, according to French newspaper Les Echos, which interviewed the company’s founder Thomas Rebaud.

Rebaud said in the interview that Meero’s revenues stem from commissions taken from photographers’ assignments. He did not provide any figure on the company’s financial results.

Reporting by Mathieu Rosemain; Editing by Sudip Kar-Gupta

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