Lapse raises $30M for authentic social media photo-sharing app

Lapse, a photo-sharing app focused on GenZ, has raised $30 million in funding with the hope of refreshing social media.

London-based Lapse is a friends-focused photo-sharing app.

The funding for the oversubscribed round was co-led by Greylock and DST Global Partners, which have a history of backing tech giants like Facebook, Instagram, LinkedIn, Musical.ly (now TikTok), Roblox, and Discord. Existing investors GV (Google Ventures), Octopus Ventures, and Speedinvest also participated in the round, emphasizing the industry’s confidence in Lapse’s potential.

Lapse has been a hot app with exponential growth in 2023, becoming the most downloaded app on both the Apple U.S. and United Kingdom app stores.

The app, inspired by the simplicity of disposable cameras, has resonated with Gen-Z, amassing a user base organically. Participating angel investors include Naveen Gavini, Soleio, Nima Khajehnouri and Praveen Murugesan.

Lapse encourages users to share authentic, unedited moments, moving away from the traditional focus on likes and followers.

“Lapse doesn’t let you upload or edit in ways that other platforms encourage,” said cofounder Ben Silvertown, in a statement. “Everyone on Lapse plays by the same rules, which creates a space where it’s OK to share all moments, not just the glamorous.”

Launched in 2021, Lapse was inspired by Ben Silvertown’s experience using a point-and-shoot film camera whilst backpacking in Vietnam to capture priceless moments that would become some of his most treasured photographs. When he returned, he teamed up with his brother Dan, and the two built an app to help people live in the moment when taking and sharing photos. As more and more young people make an active decision not to partake in the traditional game of “likes and followers” that rules social media, Lapse aims to become the authentic outlet for memories by becoming the default camera.

The app does not support extensive editing or uploading features, fostering an environment where users adhere to the same rules and share genuine moments. Lapse aims to be the default camera for those who actively choose to avoid the “likes and followers” game prevalent on other social media platforms.

Greylock general partner Jacob Andreou, former senior vice president of product & growth at Snap, has joined Lapse’s board of directors.

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“Lapse has captured the hearts and minds of a generation who isn’t sharing their lives with friends on other social platforms,” said Andreou, in a statement. “This is a testament to Lapse’s Founders Ben and Dan, who are a unique blend of art and science, and obsessed with building an authentic experience for young people to capture moments and share memories.”

With the fresh funding, Lapse plans to prioritize user feedback for product updates and expand its engineering and technical teams.

“We’re humbled that what we have built has resonated so strongly with so many. We’ve only scratched the surface of our grander vision: To build a new kind of social media,” said cofounder Dan Silvertown, in a statement. “As we enter this next chapter, we are grateful to our partners for their ongoing support and belief in this company.”

The pre-registration success further underscores the app’s appeal and anticipation among users. Lapse’s journey from a concept inspired by backpacking memories to a groundbreaking social media app reflects its commitment to authenticity and the changing preferences of Gen-Z. As the app prepares to enter a new chapter, the team is grateful for the support and belief shown by their partners.

The company said 100 memories are captured every month on Lapse. Lapse lets users turn their iPhones into disposable cameras. They can add the shutter to their iPhone lock screen, which, in one tap, re-creates the aesthetic and experience of shooting on real analog film.

Photos taken on the app develop in a dark room and then are revealed in a stack of snaps that users can swipe through, choosing to either archive or post. Shared snaps get added to a friends-only photo journal.

Lapse’s unique interface allows users to capture and share authentic, unedited photos with friends and stay in the moment rather than obsess over how their content will be received. The company has 18 employees.

Originally appeared on: TheSpuzz