FOAP Raises $2.3 Million

Posted on 12/9/2014 by Jim Pickerell | Printable Version | Comments (0)

The crowdsourcing site FOAP has raised a fresh $2.3 million in funding from some interesting names like CNN Worldwide President, Jeff Zucker; CEO and Co-Founder of VaynerMedia, Gary Vaynerchuk; Upshot Chairman and Protagonist LLC Partner, Jordan Rednor; and CEO of Delivery Hero, Niklas Ostberg, among others. The company raised another $1.5 million in August. Total funding now stands at roughly $5 million but they’re not quite ready to call this a Series A yet.

Launched in 2011, FOAP has approximately 500,000 total users and is adding about 300,000 new images every week. The company has kept the price of its photos at a flat $10 per image since launching which suggests they haven’t found the need to drop the price. However, they have been unwilling to provide any indication of actual number of sales. There are no indications that individual creators are earning any significant money, but the amateurs who are supplying most of the pictures are more interested in knowing that someone liked their image enough to use it than it the revenue it generates. Contributors get a 50% royalty.

Additionally, FOAP allows brands to harness the platform for “Missions” where marketers can encourage the community to take photos of their brands in a certain context for use in advertising or social media campaigns. This works for the companies because they get to focus the attention of social media users on their brands, and it helps image creators focus their efforts on pictures that might generate income. The company has run 200 missions from Fortune 500 companies and brand advertising agencies since it released the concept in 2013.

“I know the value of Foap’s offering firsthand, having been one of the company’s early adopters,” said Vaynerchuk. “By creating a marketplace of user-generated, authentic photography, Foap offers brands real images at a fraction of the cost of traditional stock photography but with an exponentially higher rate of engagement. Foap’s CEO David Los is answering a crucial market need with this offering and I’m excited to be a part of the company’s future.”

Copyright © 2014 Jim Pickerell. The above article may not be copied, reproduced, excerpted or distributed in any manner without written permission from the author. All requests should be submitted to Selling Stock at 10319 Westlake Drive, Suite 162, Bethesda, MD 20817, phone 301-461-7627, e-mail: wvz@fpcubgbf.pbz

Jim Pickerell is founder of, an online newsletter that publishes daily. He is also available for personal telephone consultations on pricing and other matters related to stock photography. He occasionally acts as an expert witness on matters related to stock photography. For his current curriculum vitae go to:  


Be the first to comment below.

Post Comment

Please log in or create an account to post comments.

Stay Connected

Sign up to receive email notification when new stories are posted.

Follow Us

Free Stuff

Stock Photo Pricing: The Future
In the last two years I have written a lot about stock photo pricing and its downward slide. If you have time over the holidays you may want to review some of these stories as you plan your strategy ...
Read More
Future Of Stock Photography
If you’re a photographer that counts on the licensing of stock images to provide a portion of your annual income the following are a few stories you should read. In the past decade stock photography ...
Read More
Blockchain Stories
The opening session at this year’s CEPIC Congress in Berlin on May 30, 2018 is entitled “Can Blockchain be applied to the Photo Industry?” For those who would like to know more about the existing blo...
Read More
2017 Stories Worth Reviewing
The following are links to some 2017 and early 2018 stories that might be worth reviewing as we move into the new year.
Read More
Stories Related To Stock Photo Pricing
The following are links to stories that deal with stock photo pricing trends. Probably the biggest problem the industry has faced in recent years has been the steady decline in prices for the use of ...
Read More
Stock Photo Prices: The Future
This story is FREE. Feel free to pass it along to anyone interested in licensing their work as stock photography. On October 23rd at the DMLA 2017 Conference in New York there will be a panel discuss...
Read More
Important Stock Photo Industry Issues
Here are links to recent stories that deal with three major issues for the stock photo industry – Revenue Growth Potential, Setting Bottom Line On Pricing and Future Production Sources.
Read More
Recent Stories – Summer 2016
If you’ve been shooting all summer and haven’t had time to keep up with your reading here are links to a few stories you might want to check out as we move into the fall. To begin, be sure to complet...
Read More
Corbis Acquisition by VCG/Getty Images
This story provides links to several stories that relate to the Visual China Group (VCG) acquisition of Corbis and the role Getty Images has been assigned in the transfer of Corbis assets to the Gett...
Read More
Finding The Right Image
Many think search will be solved with better Metadata. While metadata is important, there are limits to how far it can take the customer toward finding the right piece of content. This story provides...
Read More

More from Free Stuff