LottieFiles raises $37M in Series B funding

LottieFiles, the animation workflow platform, has raised a Series B funding of $37 million. This round was led by Square Peg Capital, with participation from XYZ Venture Capital, GreatPoint Ventures, and, returning investors 500 Startups and Microsoft Venture Fund, M12. The company has raised a total of $46 million, including the previously raised Series A and Seed funding.

LottieFiles was founded in 2017 by Kshitij Minglani and Nattu Adnan, and is based in San Francisco, Kuala Lampur and South Korea. According to the startup, LottieFiles platform is is now used by animation and motion designers at 150,000+ companies, including Google, TikTok, Disney, Uber, Airbnb and Netflix. Since its Series A, LottieFiles has grown from about 1 million users to 3.1 million, and acquired an India based design asset marketplaced Iconscout.

LottieFiles plans to use the funding to expand its product roadmap, hire more professionals for their engineering and R&D teams, and develop a new workflow that will make shipping Lottie animations easier.

LottieFiles simplifies the workflow between creating an animation in softwares like Adobe After Effecs, then shipping it to its final destination in an app or a website. The startup currently has plugins for Adobe After Effects and other design softwares. The company aims to democratize motion design the way Canva democratised design, according to Minglani, reported by TechCrunch.

Lottie is a JSON animation file format that enables designers to ship animations on any platforms as easily as shipping static assets. Lottie animations are scalable and 600 percent smaller in size compared to GIF file format, which is also commonly used for shipping animations on digital platforms.