Mobile photography startup Foap said it was able to secure USD 1.5 million in funds from Maxwell Ventures and Industrifonden, a venture capital firm in Sweden. Backed by Jade Global Investments and other private investors, Foap was formed in 2012 by David Los. Last year, it launched its free app for iOS which allows iPhoneographers to turn their pictures to cash. They earn USD 10 for each image they upload to the Foap Market. To date, there have been 5.7 million images uploaded. Foap also launched its Foap Missions campaign that allows brands to engage more with their customers. Puma, Lavazza, VisitSweden, MANGO, and Rebtel, among others, are already on board.The firm is also set to release Foap Android this September.
The Swedish mobile photo stock firm said that it will use its new funds to increase its sales team as it seeks continued growth. Foap also plans to penetrate the US market. In September, it will be opening an office in New York.
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