binarypublish- German design startup Kittl is reportedly in talks to secure additional funding from US investment firm IVP, according to multiple sources.
- The startup, which aims to compete with Canva, offers browser-based graphic design tools, that are increasingly AI-powered, for creating design templates for cards, posters, logos, and labels.
- IVP, who has previously financed companies such as Uber, Coinbase, and Robinhood, is reportedly set to spearhead a Series B funding round for Kittl, potentially valuing the firm at around $300 million post-investment.
The precise amount to be raised by the startup was not disclosed, but estimates range between $30 million and $50 million, according to informed sources. These figures, however, are not final and still subject to modification.
Kittl was established in 2020 by Nicolas Heymann and Tobias Saul. It allows users to generate AI vector images and designs along with a range of fonts with simplicity. The firm already received funding in a Series A round in January led by US fund Left Lane Capital and with the likes of early-stage investor Speedinvest and Intercom cofounder Des Traynor participating.
“Our competitors either focus on basic tools that only allow a small range of creative freedom, or they take a lot of training and practice to get good at,” Heymann previously told TechCrunch. The firm, according to its LinkedIn page, currently employs around 50 staff.
While Canva’s current value is estimated to be $40 billion, making it a dominant player in the design sector, startups like Kittl leveraging AI technology continue to pique investor interest. Both Kittl and IVP have refrained from commenting on this matter so far.
