Swedish mobile photo agency startup Foap snaps up $500k investment round

Swedish mobile photo agency startup Foap snaps up $500k investment round

Foap, the Swedish startup that provides ways for phone photographers to get paid for their snaps has nailed down $500,000 funding from Jade Global Investments.

Foap offers a 50/50 split for pictures of the are sold. Each picture sells for $10 and users earn each time someone buys their picture.

The startup hopes to use the money to grow its product offering. Foap co-founder, David Los says, “We’re fully focused on growing our market of iPhone images and establishing ourselves as one of the major players in the stock imagery industry.”

The startup’s selling point is quality and images are screened when they are submitted, so it can take about 24 hours before an image is made available for sale. Since its launch in June Foap has seen around 150,000 downloads and 1.4 million images uploaded to the service.

Along with the funding news, the Foap has introduced a couple of new features where users can earn a but more for their snaps. Those who invite their friends in can take a 10% cut of their future sales – we’re not sure what your friends might think of this, but it encourages people to invite others to join the service and get more downloads.

The other new aspect is that the Foap community can now review images and accept them into the market for sale. After 5 ratings, a photo can be approved or rejected. Taking a peer-review method for checking the quality of images should work toward spreading the work of acceptance and making that happen over 5 ratings means there is a chance of a fair judgement.

Foap is available to download for free from the App Store. The Android app is in development and Foap says that it should be ready to download in the coming months.


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