Instagram competitor Lapse raises $30 million in investments
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How Will Meta React?
The photo-sharing app Lapse, a competitor to Instagram, has secured $30 million in investments from backers, Bloomberg reports.
«The startup intends to use the funds to expand its product development, engineering, and design teams,» the agency adds.
Co-founder Dan Silvertown shared that the photo-sharing application has garnered millions of users and has become incredibly popular among teenagers.
Lapse offers a unique feature where users can take photos but must wait several hours for the photos to «develop»—mimicking the experience of using a film camera. Afterwards, the pictures can be posted on a social feed or saved in a private journal.
Lapse emerges as fresh competition for Instagram, which initially started as an app for photographers to showcase their work but has since evolved into a social network with over a billion users. It's also worth noting that Meta, Instagram's parent company, is known for its strategy of stifling competition by acquiring them or copying their key features. For example, the Stories feature was first introduced by Snapchat.
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