LottieFiles Raises $9 Million From Microsoft’s Venture Fund

By McKenzie Carpenter Friday, February 5, 2021

Competing alongside GIF and PNG graphics, JSON-based Lottie animations are proving to be a successful creation for the startup, LottieFiles. When the company was founded, it had the purpose of creating small files that could be accessed from any device. This new business player has made such an impact on the tech industry, the startup was able to raise $9 million.

A designer working on 3D renderings.

What Is LottieFiles?

Founded in 2017 by entrepreneurs Kshitij Minglani and Nattu Adnan, the JSON-based platform allows designers to send their animations across all platforms, which are scalable without pixelation. Minglani, CEO and co-founder of the company said, “We help designers and developers create interactive motion graphics that make their products stand out, without the traditional steep learning curve. User of motion helps increase engagement by grabbing and holding user attention, which is now more important than ever with unprecedented demand for new engaging online experiences.”

According to the business, a Lottie file significantly increases download speed and reduces the amount of disk space used because the file is so much smaller than a normal GIF or PNG format. In addition, a new Lottie file is uploaded to the startup platform every 15 seconds. Moreover, the company has made these files accessible on all types of platforms — iOS, Android, Windows, and more. Furthermore, the business is used across many different platforms, including Netflix, Disney, Google, Microsoft, Nike, and many other big brand companies.

Since the business is privately held, there is no information available at this time regarding an estimated net worth. However, the company has done three different funding rounds, with the largest round earning the business $9 million.

The $9 Million Investment

LottieFiles recently received $9 million in a Series A funding round from Microsoft’s venture fund, M12, and returning investor in the startup, 500 Startups. “As early backers of LottieFiles, we saw how Kshitij and Nattu built a devoted following of designers and developers worldwide. LottieFiles embodies the vision around improving productivity with community and tools, and by doing so, expanding the market to new creators,” said Tony Wang, managing partner at 500 Startups.

The company launched a marketplace during the COVID-19 lockdown, with 70% of revenue going straight to the creators of the files. As a result of growing popularity among digital platforms, the business has experienced 300% year-over-year growth. The goals from the financing round for the business are to increase the product roadmap, expand the company infrastructure to support the exponential growth, and boost the global user base for the startup.

Final Thoughts

While the business name may not be instantly recognizable, the company has made a huge impact on the tech industry as it is used across many huge digital platforms and services. The startup has had a ton of growth since its inception, and with the funding from companies like Microsoft, the business has tremendous expectations for even further growth and popularity.

About the Author

Headshot for author McKenzie Carpenter

McKenzie Carpenter is a graduate of Central Michigan University with a B.A.A. in Integrative Public Relations and French. McKenzie has previously worked for small businesses and nonprofit organizations.

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