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Lapse, a photo-sharing app focused on GenZ, has raised $30 million in funding with the goal of revolutionizing social media.
London-based Lapse is a friends-focused photo-sharing app.
The round of funding was oversubscribed and co-led by Greylock and DST Global Partners, well-known for 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, showcasing industry confidence in Lapse’s potential.
Lapse has experienced rapid growth in 2023, becoming the most downloaded app on both the Apple U.S. and United Kingdom app stores.
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The app, inspired by the simplicity of disposable cameras, has resonated with Gen-Z, attracting users organically. Notable angel investors include Naveen Gavini, Soleio, Nima Khajehnouri, and Praveen Murugesan.
Lapse encourages users to share authentic, unedited moments, shifting 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. “Everyone on Lapse plays by the same rules, creating a space where it’s okay 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 while backpacking in Vietnam to capture priceless moments that became some of his most treasured photographs. Teaming up with his brother Dan, they built an app to help people live in the moment when taking and sharing photos. As more young people opt out of the “likes and followers” game dominating social media, Lapse aims to be 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.
“Lapse has captured the hearts and minds of a generation who aren’t sharing their lives with friends on other social platforms,” said Andreou. “This is a testament to Lapse’s Founders Ben and Dan, who are a unique blend of art and science, obsessed with building an authentic experience for young people to capture moments and share memories.”
With the new 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,” said cofounder Dan Silvertown. “We’ve only scratched the surface of our grander vision: To build a new kind of social media. As we enter this next chapter, we are grateful to our partners for their ongoing support and belief in this company.”
The successful pre-registration further emphasizes 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.
The company has shared that 100 memories are captured every month on Lapse. The app allows users to turn their iPhones into disposable cameras, adding a shutter to the lock screen for an authentic analog film experience.
Photos taken on Lapse develop in a dark room and are revealed in a stack of snaps that users can swipe through, choosing whether to archive or post. Shared snaps are added to a friends-only photo journal.
Lapse’s unique interface enables users to capture and share authentic, unedited photos with friends, focusing on the moment rather than reception from others. The company currently has 18 employees.
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