San Francisco Startup Picsart Moves HQ to Miami Beach
By Jeff Ostrowski February 24, 2022 4:44 pm
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In another boost for Miami’s tech scene, photo-editing startup Picsart said Thursday that it has moved its headquarters to Miami Beach from San Francisco.
In its latest round of fundraising, Picsart’s valuation topped $1 billion. The company’s backers include venture capital giants SoftBank and Sequoia Capital, and Picsart says its app is among the 20 most downloaded worldwide.
“We’re excited to join a rapidly growing innovation hub, building Picsart’s presence in a vibrant city with a booming tech scene,” Picsart founder and CEO Hovhannes Avoyan said in a statement.
Picsart isn’t making a big splash in the real estate market for now. A company spokesperson said Picsart’s new headquarters is a “small, temporary space” in Miami Beach’s South Pointe neighborhood.
Picsart also has offices in London, New York, Bangalore, Toronto and Glasgow. The company says it has 1,000 employees, many of whom work remotely.
Picsart is one of more than a dozen privately held companies that are backed by SoftBank and have operations in Miami. Others include REEF Technology, the parking and mobility company, and FTX, the cryptocurrency exchange that scored naming rights to the Miami Heat’s arena.
Picsart is just the latest tech firm to move to Miami from Northern California. Miami boosters herald the wave of startup activity as a sign that, after decades of effort, South Florida finally is emerging as a tech hub. That said, many new-to-market tenants like Picsart are opting for temporary leases before fully committing to the city.
Jeff Ostrowski can be reached at jostrowski@commercialobserver.com.
