Friend-focused photo app Retro raises more than $21M Series A

Retro, a friend-focused photo-sharing app built by former Instagram product engineers Nathan Sharp and Ryan Olson, has raised more than $21 million in Series A funding, according to an SEC filing first spotted by Business Insider and since confirmed by the company. The filing, made under the startup’s legal name, Lone Palm Labs, is dated August 19, though the funding itself closed in December. PitchBook now estimates Retro’s valuation at more than $100 million.

The round was led by Field Ventures — the firm run by Figma CEO Dylan Field — and Thrive Capital, with participation from Positive Sum and a handful of new and existing angel investors. Retro’s earlier backers include Thrive Capital, Field, Scribble Ventures, Box Group, Imaginary Ventures, Coalition, Conviction, Copper, Positive Sum, and various angels.

Retro didn’t respond to a request for comment in time for TechCrunch’s initial report on the filing. A few days later, Sharp responded privately to confirm the funding, saying he’d been unreachable for a bit. He had told TechCrunch in December that people will keep wanting to see more of their friends even as algorithmic, For You-style feeds take over social media. “The photos and videos you take will need to find a place where they can reach the intended audience,” he said.

Launched in 2023 as a personal photo journal, Retro has since expanded into letting users privately share photos of their week with friends, create shared albums, view and share recaps, and “rewind” back through photo memories. Rather than monetizing through advertising, the app sells in-app subscriptions that unlock features like video, GIF, and sticker comments, additional styles, unlimited history, and special app icons.

According to data from app intelligence provider Appfigures, Retro has been downloaded around 7 million times since its launch, and its in-app spending has jumped north of 460% over the past 180 days. Subscribers still make up a small share of Retro’s user base, but the expectation is that those who do convert are committed customers who have made Retro a frequently used photo-sharing app.

Why it matters

Retro’s raise, and its bet on private, friend-only sharing over algorithmic feeds full of creator content and AI-generated material, signals continued investor appetite for social apps that compete on intimacy rather than reach.