Toronto-based logo designer startup Logojoy has raised $6 million in a series A funding round top help it expand its platform.
Logojoy plans to use the funding to expand its artificial intelligence (AI) powered logo design tool targetted mainly at small and medium business.
“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 in a press release, “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.”
Founded in 2016 the company raised $900,000 CAD in a seed funding round in 2017 through a group of angel investors. This time around prominent Canadian venture capital firm Real Ventures led the series A round, with U.S. firms like Flybridge Capital participating in the funding.
“Logojoy will use the funds to accelerate its mission of making design accessible and delightful by expanding its team of data scientists and developers,” the release stated, noting that it will also be offering users more AI-designed fonts and symbols through its deep and machine learning capabilities. Logojoy plans to expand its current team of 29, to 50 employees by the end of 2019.
To date, the company has sold over 100,000 AI-designed logos to customers in 188 countries and 3.3 million users have created a logo through its free online logo maker.