(Bloomberg) -- Picsart, a SoftBank Group Corp.-backed photo-editing startup, plans to open a U.S. headquarters in Miami Beach, the latest technology firm to establish a foothold in South Florida.
Picsart also has offices in London, New York, Bangalore, Toronto and Glasgow, as well a Berlin office coming next month, according to an emailed statement from the company. Picsart was d at over $1 billion in its latest fund-raising effort in August, which was led by Softbank Vision Fund 2.
“We’re excited to join a rapidly growing innovation hub, building Picsart’s presence in a vibrant city with a booming tech scene,” said Chief Executive Officer Hovhannes Avoyan, who lives in South Florida.
The company says it gives employees hybrid and remote work options.
Miami has gotten an inordinate amount of attention as a tech destination in the past two years as Covid-19 triggered a work-from-anywhere movement in the industry. The numbers, however, suggest a tech scene is still in its infancy, and its long-term relevance will depend on whether companies keep coming in a post-pandemic world.
Miami-area companies saw 272 venture-capital investments worth about $4 billion last year, a 325% increase in deal from a year earlier, according to data from the PitchBook-NVCA Venture Monitor. But funding activity surged everywhere else too, with the San Francisco Bay Area up 191% to $120 billion in the period.
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